SQ has been range-bound for a long time now, and appears to be setting up for a bigger move to the upside. Based off all-time fib retracement on the monthly timeframe, if we can break this level around 100, we can see a move up to the 130s at the next fib level.
On the weekly and daily timeframe, we still have that inverted head and shoulders pattern, and SQ has already begun breaking the downtrend, after creating its first higher high.
SQ will likely retest some FVGs to the downside before continuing a move to the upside, as this is likely where buyers are waiting to step back in. We also have people taking profits going into resistance, which is why we have more sellers than buyers right now.
I would look to enter long around 90-93, and you can probably set up alerts at these levels.
On the weekly and daily timeframe, we still have that inverted head and shoulders pattern, and SQ has already begun breaking the downtrend, after creating its first higher high.
SQ will likely retest some FVGs to the downside before continuing a move to the upside, as this is likely where buyers are waiting to step back in. We also have people taking profits going into resistance, which is why we have more sellers than buyers right now.
I would look to enter long around 90-93, and you can probably set up alerts at these levels.
Trade active
EDIT: It looks like we took off at open.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.