SQ had a pretty wild day today. Started off by lagging the market and all of a sudden it just goes on a near ~3% tear to the upside. Was definitley concerned at first that SQ was lagging the market but it was nice to see it continue some green movement. Fundamentally SQ just has had a phenomenal week for its company-- how you may ask? GME! When all the robinhooders had no where to go to buy meme stocks cashapp was right there to shelter them. The number of new users was crazy plenty of articles published today won't bother repeating but the numbers were super impressive. Hell most people didn't even know you could buy a stock on cashapp.
Onto the technicals. On the daily 1 signal we got was a cross over the 50 rsi which could signal the start of a new bullish trend. We still need confirmation of course but still a sign tides could be turning to the bull side. On the 1 hr the key level I am watching is 200 MA. This is a key level for SQ. It found perfect resistance on it last week and if you look at the chart it's a pretty strong indicator as to what direction SQ is heading based on whether it breaks below or above. If we break that level we could definitely see a test of ATH and a start of a new bullish trend.
Best of luck
Onto the technicals. On the daily 1 signal we got was a cross over the 50 rsi which could signal the start of a new bullish trend. We still need confirmation of course but still a sign tides could be turning to the bull side. On the 1 hr the key level I am watching is 200 MA. This is a key level for SQ. It found perfect resistance on it last week and if you look at the chart it's a pretty strong indicator as to what direction SQ is heading based on whether it breaks below or above. If we break that level we could definitely see a test of ATH and a start of a new bullish trend.
Best of luck