It is likely that this just just a steep correction (not a protracted bear market) hence we need to look beyond the fear for opportunities that do not come so often!
SQ crashed 30% in just a little over 2 weeks. There is a strong support zone at 190-198, little would we expect that it will crash more than 10% today to test this zone before staging a strong rebound.
This support zone is a confluence of horiztonal supports, a trendline support as well as the 62% fib retracement of the AB swing up.
While it is already forming a bullish pin bar today, there is a chance the stock could retest the low near 190 over the next few days. As long as we do not breach 190, I would sit tight..
That said, pls trade carefully! Cut loss if trade did not work out so that we survive with enough cash for the next opportunity
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
SQ crashed 30% in just a little over 2 weeks. There is a strong support zone at 190-198, little would we expect that it will crash more than 10% today to test this zone before staging a strong rebound.
This support zone is a confluence of horiztonal supports, a trendline support as well as the 62% fib retracement of the AB swing up.
While it is already forming a bullish pin bar today, there is a chance the stock could retest the low near 190 over the next few days. As long as we do not breach 190, I would sit tight..
That said, pls trade carefully! Cut loss if trade did not work out so that we survive with enough cash for the next opportunity
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)