Block, Inc.Short
Square | SQ | Short to Support
Updated
Square ( SQ ) may not be done its decline in the coming weeks. It currently sits in a falling wedge formation. After an earnings beat on February 24th, retail jumped back in, but the gap-up was quickly filled 8 days later. It continues to show signs of weakness. Last dip to $82.72 may not be the near-term bottom. If Square continues its decline, true support may be in the 70s (or much lower).
A continued break through the falling wedge's resistance and above the 50 EMA (yellow line) will nullify this thesis.
SQ ) may not be done its decline in the coming weeks. It currently sits in a falling wedge formation. After an earnings beat on February 24th, retail jumped back in, but the gap-up was quickly filled 8 days later. It continues to show signs of weakness. Last dip to $82.72 may not be the near-term bottom. If Square continues its decline, true support may be in the 70s (or much lower). A continued break through the falling wedge's resistance and above the 50 EMA (yellow line) will nullify this thesis.
Trade closed: stop reached
❌ Broke through original resistance. New formation.
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