Spotify (SPOT quietly hit its one-year anniversary as a public company last week. Its IPO was notable, as Spotify opted out of the traditional IPO process and decided to directly list on the NYSE instead.

While it got off to a volatile start for the first few quarters — as most IPOs typically do — shares have been more tame over the past six months. Even more recently, the stock has been in a relatively tight range over the past few months, mostly bouncing between $135 and $145 per share.

However, there are signs pointing to a potentially larger move and bulls are hoping that move will be higher. Let’s look at the charts to get a sense of what’s going on with Spotify stock.

Trading Spotify Stock

6-month chart of Spotify stock.

Despite all the noise with Apple (AAPL – Get Report) — thanks to Spotify’s App Store fee complaints and Apple Music passing Spotify in subscribers — Spotify stock continues to hold up.

The stock’s ability to maintain current levels bodes well for bulls, as it increases the odds that Spotify will eventually break higher. The $135 to $145 range is highlighted in purple, while Spotify stock has also made a series of lower highs (noted by the black line) and higher lows (noted by the blue line).

Traders were looking for one of these levels to break, which would act as a “tell” on which way Spotify stock might go. Last week, resistance broke and it looked like Spotify was going to break out before $145 kept the name in check. Shares promptly pulled back, but found the backside of prior resistance to be support.

That’s very key, as is the fact that Spotify stock is being supported by the 50-day and 20-day moving averages. This is keeping alive the notion that shares can push higher once they find a bit of bullish momentum. That momentum should increase if Spotify stock is able to push through $145. If so, a run into the low-$150s is possible, where it will hit its 2019 highs and the 200-day moving average.

On the downside, watch the 50-day moving average, a mark Spotify stock just closed above on Tuesday after it fell 56 basis points to $141.34. A close below the 50-day may bring the backside of prior downtrend resistance back in the picture, near $138. A further break could drive Spotify stock down to $135, a make or break area of support in the short term.

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