Square Has Pulled Back to Support
Square is one of the hardest-charging growth stocks in recent years. Like many growth names, the fintech has paused since vaccine news triggered a shift toward value stocks in November. But now the risk / reward may be swinging back toward the bulls.
First consider the area around $200 where SQ is trying to bounce. It was also a low in late January, early March and late March.
Second, the support also matches the 200-day simple moving average (SMA). In fact, it is SQ’s first test of its 200-day SMA in over a year.
Third, stochastics have been oversold.
The fundamental story also seems to remain intact, with earnings and revenue beating estimates on May 7. Cash app also grew 139 percent (excluding Bitcoin).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
First consider the area around $200 where SQ is trying to bounce. It was also a low in late January, early March and late March.
Second, the support also matches the 200-day simple moving average (SMA). In fact, it is SQ’s first test of its 200-day SMA in over a year.
Third, stochastics have been oversold.
The fundamental story also seems to remain intact, with earnings and revenue beating estimates on May 7. Cash app also grew 139 percent (excluding Bitcoin).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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