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Possible Bearish Inside Day Candle Pattern Detected for Square Inc (:SQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Square Inc (:SQ) based on the price action in the company's shares. Yesterday's price range of $62.57 and $63.88 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Square Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Square Inc have traded between a low of $49.82 and a high of $83.20 and closed yesterday at $63.11, which is 27% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.3%.

Potential upside of 17.9% exists for Square Inc, based on a current level of $63.11 and analysts' average consensus price target of $74.42. The stock should find resistance at its 200-day moving average (MA) of $69.47, as well as support at its 50-day MA of $61.61.

SmarTrend is tracking the current trend status for Square Inc and will alert subscribers who have SQ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle :sq square inc

Ticker(s): SQ