Don't Ignore This Chart

Is Square (SQ) Setting Up A Move Off The Triangle?

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Square had a fabulous 2017. It ended the year with a bit of a pullback, but it might just be a nice opportunity. Square has formed a nice triangle right at a nice support level from early November.

All of the payment system stocks had a good year last year. With the pickup in retail through the holiday season, this may just be the calm before the storm. I'd let someone else own it if it hits a stop just below $34.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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