Sphere Entertainment Co. had a nice pop today and is currently up 4.30% we'll see if the cash keeps flowing in. It looks like SPHR may be interacting with an upward sloping support line. These can create nice entry points since it can have both momentum and support. If we also take into account the strong positive momentum that Sphere Entertainment Co. has shown over the last year. A lot of buyers typically come in on dips to bid the price up. It certainly increases the
likelihood of getting a nice bounce off of this particular resistance line. Looking back at the previous year, the asset has returned 207.88 percent back to its shareholders, not too bad!
If we get a reversal off of support and Sphere Entertainment Co. starts moving up, it can probably get to $173.03 at which point it'll need to break through that resistance level in order to keep moving higher. If Sphere Entertainment Co. continues to break down lower from here, it'll likely fall until it gets to $129.37 at which point previous buyers at this level may move in and give it support.
