$Block(SQ)$ Daily Chart, yet another potential Bottom
Connecting Tops of RSI value over a certain period to determine a potential trend resist breakout as shown. Multiple occurence found since Jun 2022:
*** 18/7/22, 24/10/22, 6/1/23 & recently on 18/5/23
***
18/7/22 - breakout along 50, rally to 90 but have a knee-jerk pullback after hitting 76 area
24/10/22 - breakout along 50, advance a little immediately pullback before rally to 76
6/1/23 - breakout along 60, rally to 90 with little pullback
18/5/23 - breakout along 50, advance a little and pullback over last few days
Expect another rally, conservative target along $69, agressive target along $76
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Comments
The 50-day moving average is currently at 57.70, and the 200-day moving average is currently at 68.23. The stock is trading below both moving averages, which suggests that the trend is bearish.
How this fraudulent Bogus Sales, Cash burning Scam SQ is trading at Price/Sales ratio that is 1000% higher than profitable, solid company PYPL ?
The stock is also trading below both moving averages and the Bollinger Bands are wide, which suggests that the trend is bearish.
IPO price incoming - Short to $5 is a pretty safe bet now
Love it!! If SQ can hold $60, we are off to the races!!
At SQ's valuation multiples, $PYPL is a $1500 worth stock!