Square (SQ) – [Watching For The Break]

2nd February, 2021, 10:23 PM

Square (SQ) – [Watching For The Break]Square 2nd Feb 2021

Chart source: Tradingview.com

Square Inc (SQ) is a commerce ecosystem. The Company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale solutions. Once a seller downloads the Square Point of Sale mobile application, they can take their first payment.

Square has recently corrected about 20% since the high and is currently at the downtrend resistance line. We’re looking at the break of that resistance of around $224. A break above that might see it move up to $242 in the coming weeks. Square is looking good to us.  The support is the uptrend support line drawn on the chart.

Investors angered by Robinhood’s decision to block them from buying shares of Gamestop, AMC fled to other online brokerage and Square was the beneficiary. Some traders switched over to square which is a mobile payment platform that allows users to transfer money to one another, as well as invest in stocks and bitcoin.