Hey man, this groovy update will cover the likes of a company called Square (SQ). Are you down with Square?
Ok, let's get real now. Square is a credit card processing platform that seems geared towards smaller business owners. The platform allows credit card payments to be accepted almost anywhere. Check out the company website here.
This update will look at the prospects for its chart based on a member request.
When Square (SQ) first became a public company there was loads of criticism about Jack Dorsey holding 2 different CEO positions. One was for Square (SQ) and the other CEO position was with Twitter (TWTR). It seems as if investors have gotten past that now. Or was that just "market noise" and chatter created during the IPO to keep the price down so shares could be accumulated cheap? That seems like a very distinct possibility considering the price action over the last year. Things that make you go hmmmm....
Square (SQ) - Long-Term Chart Review
When I analyze a new company, I typically like to look at its longest term chart possible. That typically involves a 20 year monthly chart. But since Square (SQ) is a relatively new public company, it does not have even close to 20 years of activity. This 5 monthly candlestick chart covers Square's entire public history since its IPO back in November 2015.
It looks like Square (SQ) is going to finish out the month of March 2018 just below the resistance area from the Shooting Star candlestick pattern.
Let's see if SQ's weekly chart can provide any additional details regarding this resistance area.
SQ - Weekly Chart Review
This is a 3 year weekly candlestick chart. Weekly candlesticks provide a little more detail than monthly candlesticks as far as being able to identify patterns.
This 3 year weekly candlestick chart has a main supporting trendline drawn for the current uptrend. I've also placed a Fibonacci Retracement Tool on the preceding uptrend to monitor the current pullback. Any pullback into the $…...
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I analyze and review support areas to use for making purchases to go long the stock. Upside price targets are also discussed for the stock.
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