Has Block Bottomed?
Block ran dramatically during the pandemic. Now, following a long rest, some traders may see upside potential.
The first pattern on today’s chart is the series of lower highs between March and August. SQ has pushed above this resistance in the last month, which could suggest its downtrend is broken.
Second you have the low in June, a lower low in August and a higher low in September. That kind of basing pattern may also be consistent with bottoming.
Third, Jack Dorsey’s fintech is pushing above its 200-day simple moving average. However, it remains well below its 52-week low. Is there space to the upside?
Finally, we turn to a longer-term chart with two-week candles. Earnings in the trailing four quarters (TTM) are plotted in the lower study. Notice how the most recent numbers exceed the previous high in June 2021. Also consider that SQ is down about two-thirds from its price at the time. That could make some investors make a potential value argument.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the series of lower highs between March and August. SQ has pushed above this resistance in the last month, which could suggest its downtrend is broken.
Second you have the low in June, a lower low in August and a higher low in September. That kind of basing pattern may also be consistent with bottoming.
Third, Jack Dorsey’s fintech is pushing above its 200-day simple moving average. However, it remains well below its 52-week low. Is there space to the upside?
Finally, we turn to a longer-term chart with two-week candles. Earnings in the trailing four quarters (TTM) are plotted in the lower study. Notice how the most recent numbers exceed the previous high in June 2021. Also consider that SQ is down about two-thirds from its price at the time. That could make some investors make a potential value argument.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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