Square recently delivered their second-quarter earnings report, in which the company beat expectations for both revenue and EPS, the stock suffered a sharp sell-off.
Due to the announcement that it would sell off Caviar — its successful food service business unit.
Anyhow, Square now looks rather attractive I would say. The break out of the trendline was with low volume and is now sitting near the support line of 60 U$ dollars. Next resistance is around 70 and then 80. The RSI is quite hammered and is subject to a rebound.
All in all, a good earnings report + overreacted selloff is bound for a good opportunity.
Entry: 62.87
Stoploss: Break of 60 with volume
Target: 70 , 83 , and then back to ATH at 101
This is not a trading advice nor a recommendation for entering the trade.
Do your own due dilligence and come to a conclusion by yourself.
Happy trading
Due to the announcement that it would sell off Caviar — its successful food service business unit.
Anyhow, Square now looks rather attractive I would say. The break out of the trendline was with low volume and is now sitting near the support line of 60 U$ dollars. Next resistance is around 70 and then 80. The RSI is quite hammered and is subject to a rebound.
All in all, a good earnings report + overreacted selloff is bound for a good opportunity.
Entry: 62.87
Stoploss: Break of 60 with volume
Target: 70 , 83 , and then back to ATH at 101
This is not a trading advice nor a recommendation for entering the trade.
Do your own due dilligence and come to a conclusion by yourself.
Happy trading