On D and 4hr, SQ looks like forming a (somewhat) diamond top pattern. Even though the company had strong earnings and consensus, there is a $280 resistance that needs to be cleared in order for uptrend continuation. A break down out of $220 range would be the confirmation and will send the stock back to $200.
I am a bull on SQ, but short term the stock might be bearish. I will add if it hits $200. If broke out $265-270 then a $280 call (or $300 leaps) would ideal for uptrend continuation.
My thoughts only, please do DD before taking any position. Would love to hear your thoughts too!
I am a bull on SQ, but short term the stock might be bearish. I will add if it hits $200. If broke out $265-270 then a $280 call (or $300 leaps) would ideal for uptrend continuation.
My thoughts only, please do DD before taking any position. Would love to hear your thoughts too!
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5/11: Bounced back from that low 200, wasn't expected it to bounce back this fast. Nonetheless I took profit from a $200 put position that I was in the day before at open.