Long

SQ - Update - Potential Reversal

Updated

SQ has been holding a downtrend for quite some time now; with buyers stepping in heading into earnings, we could see a nice bullish reversal coming and a breakout of the downtrend. Square's holding a massive falling wedge on the weekly timeframe, accompanied by some bullish hidden divergence on the RSI, Bollinger bands squeezing, and a huge bullish cypher harmonic pattern. Additionally, an inverse head and shoulders has formed on the 4-Hour timeframe (See Attached Charts Below). Similarly, on the daily timeframe, SQ is within a symmetrical triangle with some bullish hidden divergence on the RSI and a bullish Gartley harmonic pattern. Bullish and will be watching closely for a breakout from this wedge and triangle as buyers continue to step in (broader market conditions & earnings permitting)- Just some support and resistance levels along with some RSI-based supply and demand zones to keep an eye on in the meantime. **See Below for Price Targets, Weekly Timeframe, and Previous Charts**

PT1- $73.87
PT2- $78.82
PT3- $81.03
PT4- $86.76+

https://www.tradingview.com/i/SepG8ets/
--Weekly Timeframe--
- Falling Wedge
- Bullish Harmonic Formed on the Daily & Weekly Timeframes
- Bollinger Bands Squeezing

https://www.tradingview.com/i/kSb7ZDfH/
--4-Hour Timeframe--
- Inverse Head and Shoulders
- Bullish Hidden Divergence on the RSI

Comment

✅ PT1 Reached

Trade active

SQ 2/17' 75/95 Call Spreads @ 4.65

Comment

✅ PT2 Reached

Comment

✅ PT3 Reached

Trade closed: target reached

✅ All Price Targets Reached - 2/17' 75/95 Call Spreads closed at 12.90 from 4.65 (+177.42%)

jacobosiason7

Related publications

Falling Wedge- Bullish (Long) - Update

SQ- 4-Hour

SQ Weekly - Falling Wedge

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.