Right now we are holding the 50 day sma on daily and previous support at $47.61, which is also the 50% of the most recent measured move.
Purple line: what I am looking to see is if we hold here, consolidate then move higher. However, $49.56 is a resistance SQ needs to close above before continue back north of $50.
Orange line: we fail the 50% fib and test the 38.2% fib around $45, which is also near the 100 day sma and lower trend line that we bounced off on the last dip. Failure of the 38.2% fib would mean a definite test of the lower trend line.
Obviously this all depends on the overall state of the markets. The tech sector has been getting hammered for the past week so let's see if she can hold. I would prefer the orange line or lower trend line to buy longer term calls and/or shares.
Cheers!
Purple line: what I am looking to see is if we hold here, consolidate then move higher. However, $49.56 is a resistance SQ needs to close above before continue back north of $50.
Orange line: we fail the 50% fib and test the 38.2% fib around $45, which is also near the 100 day sma and lower trend line that we bounced off on the last dip. Failure of the 38.2% fib would mean a definite test of the lower trend line.
Obviously this all depends on the overall state of the markets. The tech sector has been getting hammered for the past week so let's see if she can hold. I would prefer the orange line or lower trend line to buy longer term calls and/or shares.
Cheers!
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Also forgot to mention that SQ is forming a nice pennant pattern the last 4 days. Break up or break down...let's see!
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Nice buying off the $45 level. Bulls are back. We need to clear 49.56 to push back into the $50 range.
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Looks like it will be the orange line.
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Nice bounce off the $45 level. If she can clear the $50 area and the market rallies, SQ is going back to test the ATH.