SQ trade ideas
Weekly Outlook! 5/24 - 5/28We go over last week's video as well as what we are watching for this coming week!
$SQ$SQ – I am posting this along side $PINS because the charts are nearly identical and I want to compare what happens in the future.
It appears to me to be a bearish corrective break – with the projections as charted.
The ‘W’ shape top appears to have been a double top reversal = price fell to 200 day EMA. This is also the bottom of the vol profile and the .380 fib level. A double top reversal measures the top and bottom wave to forecast a price below support. That is the range I will look for entry.
Because MACD and RSI are indicating oversold a bear flag is possible.
NYSE:SQ
NYSE:PINS
Square Has Pulled Back to SupportSquare is one of the hardest-charging growth stocks in recent years. Like many growth names, the fintech has paused since vaccine news triggered a shift toward value stocks in November. But now the risk / reward may be swinging back toward the bulls.
First consider the area around $200 where SQ is trying to bounce. It was also a low in late January, early March and late March.
Second, the support also matches the 200-day simple moving average (SMA). In fact, it is SQ’s first test of its 200-day SMA in over a year.
Third, stochastics have been oversold.
The fundamental story also seems to remain intact, with earnings and revenue beating estimates on May 7. Cash app also grew 139 percent (excluding Bitcoin).
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$SQ Update BTC Related Sell Off - Support BrokenDue to Square's BTC holdings, and the bitcoin sell off, SQ is having trouble moving towards the upside within its channel and has broken support. Position stopped out, will re assess when direction is more clear and BTC volatility cools down.
Square - Going to Bikini Bottom ⬇-The stock market was having a generally negative day on Monday, with the S&P 500 down by about 0.5% at 2:30 p.m. EDT. However, fintech giant Square (NYSE:SQ) was a major underperformer, down by 5% on the day.
-The primary reason for the decline is that Square announced plans to offer $2 billion in senior notes (aka debt) in a private placement to institutional investors. Square plans to use the money for "general corporate purposes."
-It's not unusual for selling pressure to be seen when companies unexpectedly add debt to their balance sheets. And considering that the company had $3.7 billion in cash already at the end of the first quarter, this move might have investors scratching their heads. Including debt already on the books, Square will now have about $5 billion in long-term debt, more than five times its debt load at the start of 2020.
-With Bitcoin (CRYPTO:BTC) falling sharply over the weekend, companies that have cryptocurrency operations are under additional pressure. Not only does Square provide Bitcoin trading functionality through its Cash App, but it also owns about $360 million in Bitcoin itself. So it's fair to say that at least some of the pressure Square is under is being caused by these headwinds.
SQ, REVERSAL COMING!Hello fellow traders and investors, here's a trade idea on Square.
Square has recently been pulling back and it looks like we could've just found a support. If it makes a recovery to the previous high it offers a 34% ROI.
Technicals:
The Macd indicates that SQ is still in a downtrend but since the Macd is a lagging indicator this was anticipated
The RSI is looking very oversold
When To Buy:
Now or when the Macd does a crossover
When To Sell:
At the take profit area
Fundamentals: SQ, Square, Inc. engages in the provision of credit card payment processing solutions. It is a cohesive commerce ecosystem that helps sellers start, run, and grow their businesses. The firm's sellers download the Square Point of Sale mobile app, they can quickly and easily take their first payment, typically within minutes. With its system, sellers gain access to features such as next-day settlements, digital receipts, payment dispute management, data security, and Payment Card Industry compliance. The firm offers additional point-of-sale services, financial services, and marketing services. They have a P/E of 333, a P/S of 6.65, a debt/equity of 1.62, a growth in sales Q/Q of 266%, an EPS growth Q/Q of 132%, a profit margin of 2.70% and a short float of 8%.
Rating: 75/100 the technicals look pretty good but it hasn't yet shown signs of a reversal and their valuation is pretty expensive so they deserve a 75/100.
I hope you enjoyed this quick analysis and many more to come.
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Thanks
$SQ Following Support as predicted Bouncing off support as well as the 200D MA, reversing the downtrend with a green close for the day. Looking for $275 as first target as its the past 2 resistance points.
SQ Support Level for Swing towards 275Long position SQ, waiting for buyers to give this more clear support for a swing
SQ Back to ATH?Nicely holding above the low made in March.
If it can hold above here, it can make its way back to ATH.
*Just my own opinion, not advice*
Keep an eye on SQ$SQ has bounced off this horizontal support level at $192 this past week, this is the third time this has acted as an area for support.
Recently when it hit this area of support, it also bounced up off of the 50 EMA, which can help confirm a bullish uptrend as long as price stays above.
I would keep an eye on this stock, every time it has bounced from this area of support it goes back to the $245 range.
SQ SELL/SHORT - The Market could fall lower to test Fib levelsTICKER CODE: SQ
Company Name: Square, Inc.
Industry: Technology | Software - Infrastructure | USA
Technical Analysis
1. Large Flag / Falling Wedge (Forming)
2. Fibonacci Retracement at 0.618 (Golden Zone)
3. Fibonacci Expansion Safe Take Profit Level 1 (Grey Zone) Also the length of Flagpole
Entry: NOT READY
1st Entry Price: 125
2nd Entry Price if the market falls to lower: 85
1st SAFE Partial Take Profit: 380
2nd Partial Take Profit: 535
EXPECTED Take Profit in End 2022
SQ Target ReachedReached my target of $193 on SQ, previous chart I posted how SQ lost support at $205 and fell below the 200 EMA on the Daily Chart.
Short SQSQ lost support at the $205 level, and broke down below the 200 EMA on the daily chart.
My price target is roughly $193.
SQ falling wedgeSQ has reacted off the $200 support level,
And formed a beautiful falling wedge, IF we manage to break out, we have room to an upside move as targets disclosed
SQ: A (potential) diamnond top patternOn D and 4hr, SQ looks like forming a (somewhat) diamond top pattern. Even though the company had strong earnings and consensus, there is a $280 resistance that needs to be cleared in order for uptrend continuation. A break down out of $220 range would be the confirmation and will send the stock back to $200.
I am a bull on SQ, but short term the stock might be bearish. I will add if it hits $200. If broke out $265-270 then a $280 call (or $300 leaps) would ideal for uptrend continuation.
My thoughts only, please do DD before taking any position. Would love to hear your thoughts too!
SQ bouncing off resistanceSQ looks promising. Holding in today with QQQ selling off, multiple test of the resistance around $200. Fairly oversold looking at MACD and RSI
