Medium-term long position.
The instrument purchase range is $15-17
I suggest buying an asset from the level of $ 15-17
When we reach these levels, I will make a further forecast. Stay tuned to find out more ideas.
SQ is forming a leading diagonal off the lows. The bottom is in for the near term, and price should head up to the sell zone at the 170-176 region. After that, price will pull back for 4-8 weeks to about the 110-120 level before beginning the big move up during W-3. Since W-3 topped at the 1.0 extension, I am targeting the 1.382 extension for W-5.
SQ looking good at these levels for further DCA imo - oversold, some bullish div on daily and weekly, MACD crossed over, money flow in the lowest channel, RSI in the lower channel, Firefly ocilator at all time lows, Heikin Ashi reversal candle on daily, all of which point to a good risk vs reward opportunity technically.
** NOT TRADING ADVICE **
SQ has bounced back from support @ 249.5 using Aspen Trading Support & Resistance Levels.
It seems poised to go up all the way up to 265. Another tailwind might be the positive earnings today.
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Square had a nice run last week and was few cents away from the all time highs after earning pop. Expect price to break through the overhead resistance and keep pushing for new all time highs for days or possibly weeks
Clear uptrend Support and Resistance with a Bullish Rectangle formed within.
Short term swing trade that I would close before earnings on 5th August.
- Historical uptrend
- RSI + Stoch well above 50
- MACD above Signal.
Suggested Entry $133.45
Suggested Stop Loss $130.94
Target price $140.45
