SQ - 2021-07-16 EODNYSE:SQ
SQ - 2021-07-16 EOD
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Daily chart
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* 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?
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* 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
