3-day death cross is showing as converging on this 1-day chart. It is almost certainly unavoidable. Or I should say, there is a high degree of probability those moving averages will cross to the down side. An ugly week ahead for this San Francisco mobile payment company.
If $27 does not offer support.... will reexamine at that point.
It seems like you're getting fooled by a false breakdown. The sellers have lost their momentum on this one.
without_worries
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@jkish19871, I'm neither long or short on Square. The monthly chart has clearly shown a break of market structure. Price action on the daily can jump all over the place, that does not concern investors. What does then? The line "No long positions under here", no investor would open a long position under active resistance. That is where a fool and their money are easily parted.
jkish19871
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@without_worries, there is a major bullish divergence on the monthly. Imo, you can go bottom fishing here. Appreciate the analysis though!
without_worries
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@jkish19871, I don’t see it. The divergence indicator does not see it either, and it is on. Laterally, one must observe the trend. I get you’re long, emotions however don’t make for reliable profits.
Monthly with Money flow. Within my group I only ever advise longs following a dip under 20. Not above.
By way of example, here is Paypal on the monthly. Dip below 20 offers a perfect long opportunity.
It is a no brainer which of those two is preferable.
jkish19871
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@without_worries, not an emotional decision. My divergence indicator has proven to be accurate more often than not, specifically on longer term charts.