SQ is trying to reject a key level it has tested twice, and if this continues, obviously the price will be going up to re-test the upper barrier line or break out of it.
Supply levels: $75, $79, $83
Demand levels: $70, $66, $60
SQ Medium-term Trend: Counter-trending
SQ Medium-term trend is a counter-trending one. The price could not break the price resistance level of $70, it has tested that level twice, and currently, the price seems to be reversing, if it does, invariably the market will head to $75 or higher.
From the daily chart X-ray, the price is seen to be in-between the 14 and 50 Exponential Moving Averages, and that’s a sign of ranging market, while the MACD Histogram bars are about to cross for a bearish market indication.
SQ Short-term Trend: Ranging
SQ short-term trend is seen as a flat market since the price was unable to break a barrier level, it has been ranging within this area, and the price will either break for a bearish or bullish call.
The market price is caged in-between the 14 and 50 Exponential Moving Averages, whiles the MACD Indicator signal and Histogram bars, are on the flat side.
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