ContraryTrader

SQ Consolidating

NYSE:SQ   Block, Inc.
Primary trend -Consolidation
Secondary trend- Rising wedge (Bearish)

Sq is trading near the top of its consolidation area.
Friday it close right on wedge support. Situation is similar to roku before it tanked 100pts in 2 weeks.. If your a long term investor this is not a good spot to go long here. If the wedge support holds, this may be a scalp play on calls with 283 as the target.

Bearish indicators - RSI ,MFI, OBV all say short. Macd just death crossed on daily.

Bullish indicators- It held its wedge support.. Low selling pressure.

I wont be playing this long here

Short entry - Below 261 fibs support /20ma
Target 237
20%trailing stop

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