Square Inc SQ Swing Trade Setup 9-13-19
Square Inc SQ broke key support at $60 and sets up a new swing trade with $10 profit potential (at least).
One of the keys to this trade is the relative weakness. As the stock market powered higher toward all-time highs, SQ saw selling.
I'm game planning a short sale below yesterday's low with $50 as my initial target. Stop loss on a close above $60. The support is weak there so I believe that will be a pause, not a destination.
I still like the ling side for most other trades but - and this is big, on pull backs. I'm not buying breakouts. The odds of follow through on strength are low, so I'm waiting for declines to initiate new longs.
This gives me a lower risk trade and additional room for profit potential.