SQ trade ideas
SQ - Block it out until JulyShort-term bullish for SQ Block from here. A 100% move into July is looking increasingly likely @ $170. This would be a re-test of the MA for resistance. It also coincides perfectly with a 0.382 fib retracement from the downtrend.
RSI is very oversold and making a higher low. There's now divergence vs the price - which is making a higher low.
We're also at the bottom of the purple exponential channel, having found support there. Same for horizontal support created first in 2018.
Stop loss down at 74, which is where we'd signal a new lower low (12%). Risk/reward is 33:1.
Entry will be confirmed on breakout of the dotted trend line - which many others have already made today.
Fundamentally, SQ is a strong business and profits were up 34% for the year. Price to earnings is still very high, but for a short-term trade - this seems like a great countertrend move to profit from until 2 months time.
Block, Inc. IdeaBlock Inc. (former Square) is at pre-COVID levels which is likely the bottom of wave 2. Those who follow me know that I expect the bounce in US Stocks to be followed by another sell-off into the end of the year or may be 2023. Some stocks, however, I think have hit rock bottom already and SQ can be one of them. I include SQ in my Market Avengers portfolio. Use the link in my profile to see what other Market Avengers.
sitting this one out until resistance breaks SQ broke its support zones so unless we climb back above the chop/blood will continue.
my long trigger here is 110.57, I might enter once this level breaks. lets see what happens!
Block Inc - Time to Buy or Wait?Is one of the leading fintechs Block cheap enough with the current 70% plunge to start buying its shares or the long term investors should wait just a little longer?
Fundamental indicators:
Revenue and Profits - although revenue grows exponentially the company is not making any sizable profits
P/E - outrageously high at over 200, it is crying for correction
Liabilities - no problems there
Technically:
The overall wave count is quite clear and typical to all the growth companies at their infancy stage, just look at Amazon in the early years and you will see similar structure
The initial impulse with 5 wave structure completed in February 2021 and we are observing the development of what looks like an Extended Flat
Impulse in the wave C is typically very deep with 0.786 Fibonacci retracement or even deeper so the overall correction may go to $67 or deeper
Wave 4 of C does not look completed yet and one of the potential scenarios may suggest a short term move towards $149 to finish it and then to continue descent
Do you think it's time to buy Block or there is more correction to follow or it is better to wait it out?
Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.
Thanks
Block Inc - Time to Buy with 150% Upside or Wait (Update)Is one of the leading fintechs Block cheap enough with the current 77% plunge to start buying its shares or the long term investors should wait just a little longer?
Fundamental indicators: :
Revenue and Profits - although revenue grows exponentially the company is not making any profits
Liabilities - no problems with debt
This is an update to the previous scenario (attached below).
Technical Analysis (Elliott Waves):
The overall wave count is quite clear and typical to all the growth companies at their infancy stage, just look at Amazon in the early years and you will see similar structure
The initial impulse with 5 wave structure completed in August 2021 and we are observing the development of what looks like an ABC correction
An impulse of wave A is currently wrapping up and the price may go a little lower to $50-60 area
Once wave A is completed we can expect bounce to the region of $150 - 175 making an attractive 150% upside
However, this is a highly speculative scenario and would not be suitable for long term investors given the looming troubles in the economy and poor fundamentals of the company.
What do you think about this scenario for Block ?
Please share your thoughts in the comments and like this idea if you agree wit it.
Also let me know if you would like to see other stocks analysed using Elliott Waves.
Thanks
Block might bounce up from this base - holding up well todayDay or Short Swing Trade Idea
After the morning sell down, price has been holding around 82 as the market chops around.
UPDATE - markets just dropped as I was typing, but SQ was quick to reverse the dip. This morning I have noticed the stock is dropping a little with the market but has been quick to recover also.
I bought weekly 90 strike calls for 1.27. It is a small position for a day trade, but if markets starts moving higher in the afternoon I may also add 20May calls to hold overnight.
$SQ with a Bearish outlook following its earnings #Stocks The PEAD projected a Bearish outlook for $SQ after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
Retrace ImminentSee the PayPal $PYPL chart for referenve.
50% more to the downside, wait for support before accumulating.
2X $SQ 1WK ANALYSIS! (65% DISCOUNT)Square is the new JP morgan! they will takeover the crypto space in their sector! build longterm in primary account!!!
Close To A BottomLooks like this correction could be getting close to a bottom which will complete a larger wave 1-2.
Earnings today - watch for trade to 140 or 60No need to buy before earnings with high premiums. Watch for a trade entry either Friday or Monday. From where price is now, if it holds 93 support (yellow line) and moves higher then 140 is a nice target. You could buy 120 or 140 calls. If SQ drops after earnings then 60 is the target.
SQGot distracted and missed this breakdown yesterday. Would love a retest of the blue trendline to short but unfortunately I don't think that will happen.
SQ will make you RICHSQ can be one of the best investments of your life if you are able to catch the dips. Our Fibonacci Circle identifies strong resistance coming up in the $150 range, but I see us blowing straight past that and going to $170. Yesterday was a very good time to buy and now time to watch your money grow.
A little more downside on #SQI think we see a little more downside on #SQ before we see a nice push to the upside as we are getting close to that .707 level on the daily especially after todays move
$SQ to 130 weekly #sss50percentrule triggeredLooking for a push to 130.37 for the outside week. Needs to hold 125 to stay in force. I like next week, of course.
Is SQ struggling?Is SQ struggling?
TA: The last of the EMA's have now crossed over (50 over 20) so there's a lot of downward pressure
FA: Squares last 2 earnings have been a little worrying. Q3'21 was below followed by a downward revision for Q4'21 and another downward forecast for Q1'22.
Targets. Previous lowest low between 91 and 95.
NB. Could form a nice double bottom from that price.
$SQ trendline in placeSolid trendline in place going into earnings. Only Neutral because it's so close to er and it's still below the 20, 50 ema and 200sma. Will watch price action at the dynamic resistances.
SQ Above $130SQ closed above the trendline and also there was a large number of $131 call volumes traded expiring this week.
Bullish on Block $DQ #SQ for possible $250Bullish on Block #SQ for possible $250
- Aladdin is buy
- Ichinoku seems bullish and may do an e2e
$SQ short -Looking for the 119.05 break for a nice long short
-will look to enter 1-2 candles after the break for confirmation and to avoid fake outs
-Playing this down to 92.90 we can hop in and out of weeklies OR we can get a monthly option and just ride it down near 92 lvls
