Square Stock Forecast
Green day on Wednesday for Square stock after gaining 0.506%
(Updated on Apr 17, 2024)
The Square stock price gained 0.506% on the last trading day (Wednesday, 17th Apr 2024), rising from $73.14 to $73.51. During the last trading day the stock fluctuated 3.67% from a day low at $71.89 to a day high of $74.53. The price has been going up and down for this period, and there has been a -7.71% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 224 thousand more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately $427.50 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $73.43 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 23.98% during the next 3 months and, with a 90% probability hold a price between $91.04 and $114.87 at the end of this 3-month period.
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SQ Signals & Forecast
Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Square stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $76.53 and $79.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -14.24%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Square stock
On the downside, the stock finds support just below today's level from accumulated volume at $67.96 and $65.85. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Square finds support just below today's level at $67.96. If this is broken, then the next support from accumulated volume will be at $65.85 and $64.47.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.64 between high and low, or 3.67%. For the last week, the stock has had daily average volatility of 3.98%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SQ) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Square Inc to open at $73.31, and during the day (based on 14 day Average True Range), to move between $70.24 and $76.78, which gives a possible trading interval of +/-$3.27 (+/-4.44%) up or down from last closing price. If Square Inc takes out the full calculated possible swing range there will be an estimated 8.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $74.66 (1.56%) than the support at $67.96 (7.55%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Square Inc stock A Buy?
The Square stock holds several negative signals and despite the positive trend, we believe Square will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.745 Sell Candidate Unchanged
Predicted Opening Price for Square Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $73.31 ( 0.274%) | $73.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 75.94 | 3.31 % | |
| R2 | 74.94 | 1.94 % | ||
| R1 | 74.31 | 1.09 % | ||
| Current price: | 73.51 | |||
| Support | S1 | 72.30 | -1.64 % | |
| S2 | 71.68 | -2.49 % | ||
| S3 | 70.67 | -3.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.72 | 16.61 % | |
| R2 | 78.92 | 7.36 % | ||
| R1 | 74.66 | 1.56 % | ||
| Current price | 73.51 | |||
| Support | S1 | 67.96 | -7.55% | |
| S2 | 65.85 | -10.42% | ||
| S3 | 64.47 | -12.30% |
FAQ
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