SQ yesterday price close near a price resistance level, and today market opening is also close to the price resistance level, a break of this level is very significant to trade decision making, hence a wait on the price to break or reject is also crucial.
Supply levels: $75, $79, and $83
Demand levels: $70, $66, and $60
SQ Medium-term Trend: Counter-trending
SQ Medium-term trend has not been properly defined; the market is still sitting on top of the price barrier level of $70. Patiently, waiting for a break out of this level, or a rejection of it for a turnaround in market direction will be pertinent.
From the daily chart, the price is in-between the 14 and 50 Exponential Moving Averages, and the signal lines and bars of the MACD Histogram are yet to take a decisive role in the trend direction.
SQ Short-term Trend: Counter-trending
SQ short-term trend is a ranging market situation until the market closes below any of the barrier levels of the price, if it breaks from the upper side then the market will assume a bullish role, but if it breaks below that target the market will be bearish.
The 14 and 50 Exponential Moving Averages are yet to cross for a bullish trading idea, while the MACD Indicator bars of the Histogram has crossed for a bearish indication.
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