In light of the current market conditions and the absence of strong support within the price range of 50 to 35 for $Block(SQ)$ , I find myself leaning towards a rather high likelihood of a price drop to approximately 40. This assessment has led me to make the strategic decision to continue holding my sell call positions, allowing me to capitalize on the anticipated downward trajectory.
It's important to note that this decision is not made lightly, but rather after a careful analysis of the stock's recent performance and the broader economic landscape. The absence of robust support levels in the specified price range suggests a degree of vulnerability, and by maintaining my sell call positions, I aim to benefit from this potential decline.
As always, I'm keeping a close eye on market developments and reassessing my strategy as needed to adapt to any changes that may arise. In the meantime, I remain committed to my current position in Block and the belief that it will provide profitable opportunities as the price action unfolds.
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initially I bought this stock for $10 sharp. It was in the middle of 2016. 2 years later I sold out it for 89.7. The stock marched almost to 300. Is it a good time to buy it back? For investment - nope, for trading -yes. I will probably buy SQ for a longer than a swing trade time if it hits 12-15.
The nice thing is that Block could be able to use the opportunity and buy some beaten up competitors as they have enough cash to do so -> about $6 Billion
SQ down 20% so far this month. It will be below $40 by Friday. If it goes below $35, I’ll buy.
SQ is bouncing already. Historically best period of the year is starting after worst period is ending. Market goes up, SQ turbo boosts
more blood flowing today. Block is down 10% in just the last FIVE days! bagholders have only themselves to blame for any financial loss.