There's a whole lot going on with square right now. Going to try to cover it all....
Overall, SQ looks strong, it was one of the many tech stocks that benefited from the lockdowns and with the fears of a "second wave" flooding the world, many people could go back looking at these name once more.
-Sqaure has made a series of higher lows as the market has continued downward
--As long as the 50ma and trendline can remain held, I personally like the entry there around 140-141.
-A retest of prior highs or retest of the upper trendline gives square a price target of anywhere from $170-$200
But wait....on the contrary....
--Square did the exact same thing in February - outperformed the markets initial down wave, before falling to pieces. It formed a clean head and shoulder pattern, as it has again now.
--Albeit, the whole market crashed. Could it happen again? Sure, can't rule it out.
-A break and close below the 136 neckline here could see a pretty nasty move back down to retest prior all time highs around 100:
Personally, I see it being a market driven move that could see 170 and then 100 later. (Based on our analysis of SPY, and a potential bounce coming shortly)
Entry: 140-141
Stop/loss: Close Below 136
*NOT Trade Recommendations, always do your own analysis!*
Overall, SQ looks strong, it was one of the many tech stocks that benefited from the lockdowns and with the fears of a "second wave" flooding the world, many people could go back looking at these name once more.
-Sqaure has made a series of higher lows as the market has continued downward
--As long as the 50ma and trendline can remain held, I personally like the entry there around 140-141.
-A retest of prior highs or retest of the upper trendline gives square a price target of anywhere from $170-$200
But wait....on the contrary....
--Square did the exact same thing in February - outperformed the markets initial down wave, before falling to pieces. It formed a clean head and shoulder pattern, as it has again now.
--Albeit, the whole market crashed. Could it happen again? Sure, can't rule it out.
-A break and close below the 136 neckline here could see a pretty nasty move back down to retest prior all time highs around 100:
Personally, I see it being a market driven move that could see 170 and then 100 later. (Based on our analysis of SPY, and a potential bounce coming shortly)
Entry: 140-141
Stop/loss: Close Below 136
*NOT Trade Recommendations, always do your own analysis!*