SQ - 2021-07-16 EOD
SQSQ - 2021-07-16 EOD
==================
Daily chart
==========
* The descending triangle pattern holds here too
* In order for that to be broken; the upward channel would need to be followed; but will need confirmation
* If it makes a downward move; there's several barrier's to break through; including the 50/100 MAs and the support at 223. In this case if it breaks through all these levels watch it for testing the resistance of the descending triangle
* If it bounces off the green upward channel it may signal a continuation of the upward move
* Since RSI is at 48; it can move up; but the price action shows more selling pressure;
* MACD/ATR show decreased volatility; it's possible it may continue in the descending triangle ... cool down and the a possible breakout?
* Notice that a double top is also formed at the resistance line of $250
Good time to buy?
================
* If it continues in the upward channel it could be a good time to buy but if it continues down in the descending triangle; this would be a bad time. Wait for the price to confirm either of the above
* If it continues the upward move; the next major levels of resistance could be at $250 and $257 levels based on previous resistance levels
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.