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
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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