Barclays Raises Price Target on Square (SQ), But Stock Due For Pullback

Steve Miller
square sq stock price resistance level analysis chart image june 22

Square (SQ) Weekly Chart

This morning Barclays raised their price target on Square (SQ) from $90 to $115 while maintaining an outperform rating on the stock.

Barclays noted that the company’s Cash App business appears to be doing well.

They are also positive on the recent acquisition of Verse, which will give the company exposure to the European market.

Square’s stock price is up nearly 7% during mid-day trading Monday. Let’s review the weekly cycle chart.

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing:

square sq technical indicators analysis bullish strength stock price image june 22

The weekly cycle analysis suggests that SQ is late in a rising phase with positive weekly momentum. The next projected intermediate-term low is due in the end of July. 

On the upside, there is no clear resistance level overhead.

On the downside, there is a rising intermediate-term support at 87.93 followed by another zone of support from 77.30 – 68.72.

For the bears to regain control of the intermediate-term, we would need to see the stock close back below 60.13.
askSlim Sum of the Evidence:

SQ is late in a rising phase in an overall very positive pattern. There is a likelihood that the stock trades back down to the rising intermediate-term supports beginning at 88 by the end of July.  

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