SPOT on post-IPO watch

Spotify had a great IPO. I really like the company and potential for growth. I wanted to wait for the price to establish an identifiable trend of some sort before I made entry, and I think I found one. Price seems to be moving in this upward channel. Annotations are on the chart but I think its a safe assumption to assume the 50 day MA or the lower trendline will have some support. The average analyst price target for this stock is around $205, and the earnings call wasn't terrible. I might take a small position here and continue to add if I see strength.