Spotify Shares Continue LowerSpotify shares are trading lower once again this week with prices now at their lowest level since the beginning of the pandemic in Q1 2020. The company has been mired with negative press over the last 6 – 12 months. Firstly, there was investor disgust over news that Spotify founder and owner Daniel Ek was investing in military AI, there have been ongoing criticisms of the company and campaigns against it over accusations that the company vastly underpays musicians. Finally, this year the company saw a huge media storm around its star podcaster Joe Rogan. What began as outrage over his anti-vaxxer stance (leading to iconic artists such as Neil Young and Joni Mitchell leaving the platform in protest) turned into a race-row over Rogan’s usage of racial slurs over the year.This slew of negative press has seen the company’s stock price falling from pandemic highs around $380 per share to around current lows $130 per share. This comes despite four consecutive quarters of strong earnings. Given the broad risk off tone to markets as a result of the violence in Ukraine, the near-term outlook for Spotify remains skewed towards further losses.Technical ViewsSpotifySpotify shares have been trading lower from Q3 2021 highs in a well-defined bear channel. Price is now testing the channel low once again at the 135.41 support. With both MACD and RSI bearish here, the focus is on a continued push lower towards major multi-year support at the 110.68 level. To the topside, bulls need to see a break of 167.02 to alleviate near term bearishness.
Source: Tickmill
