Falling Wedge- Bullish (Long) - Update
Posting a quick update here on SQ as buyer volume finally picked up and SQ closed the day breaking above strong resistance at the $68.84 mark while also reclaiming its 20-Day EMA. SQ has been trading sideways for quite some time and is seemingly breaking out of this falling wedge heading into earnings on 9/22' and with quadruple witching this coming Friday. Additionally, SQ closed out the weak with a golden cross on the MACD. On top of that, SQ's RSI is finally out of oversold territory on the weekly timeframe, accompanied by a massive bullish harmonic pattern and its Bollinger bands squeezing. Personally am bullish and am looking for a breakout, however, will add some downside protection due to how long SQ's been trading sideways. Nevertheless, bullish and will be watching closely for a breakout from this wedge as buyers continue to step in (broader market conditions permitting- earnings & quadruple witching)- 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**
--Weekly Timeframe--
- Falling Wedge
- Bullish Harmonic Formed on the Daily & Weekly Timeframes
- Bollinger Bands Squeezing
- Closed Friday Breaking Above Strong Resistance
- RSI Finally Out of Oversold Territory
https://www.tradingview.com/chart/SQ/2mjJikfh-SQ-Weekly/
PT1- $78.82
PT2- $81.03
PT3- $86.76
PT4- $90.71+
**See Below for Price Targets, Weekly Timeframe, and Previous Charts**
--Weekly Timeframe--
- Falling Wedge
- Bullish Harmonic Formed on the Daily & Weekly Timeframes
- Bollinger Bands Squeezing
- Closed Friday Breaking Above Strong Resistance
- RSI Finally Out of Oversold Territory
https://www.tradingview.com/chart/SQ/2mjJikfh-SQ-Weekly/
PT1- $78.82
PT2- $81.03
PT3- $86.76
PT4- $90.71+
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