Held back currently by the 20MA, SQ is struggling to summon the bullish power necessary to break out of this downward channel. I'm expecting price to get rejected here and continue to the bottom of the channel. Overall market sentiment is shifting though, and if the SPY is bullish next week then SQ might follow it out of this channel.
@aristocks, The candle above the channel was very bearish. If you ever get a candle that's a potential trend reversal, wait for follow through with 1 or 2 more bullish candles before you let your sentiment change.
Will wait to trade this again maybe in Jan before earnings.. Right now seems down trend is not done... Couple with a bearish overall market, this company (IMO unfairly) is getting hammer!