A fresh leg higher is currently underway as momentum picks up across the board.
This is especially true for the most speculative growth stocks. Whether you look at ARK funds, cloud computing, fintech or mobile payments, all these groups are reversing their trends and embarking on new uptrends.
When it comes to individual issues, no chart has my attention more than Block Inc $SQ right now.
Just look how clean this rounding bottom is, and it hasn't even broken out yet.
The stock is working on completing a bearish-to-bullish reversal pattern as price presses against the upper bounds of its range.
These formations can take time to play out as the trend gradually shifts from down, to sideways, and then finally higher.
If and when buyers absorb all the overhead supply and reclaim this resistance zone, it will be a significant feather in the hat for bulls, and a new leg higher will be underway for SQ.
I think it will happen soon, but I’m not waiting.
We just took some SQ calls for a 5x return in our Breakout Multiplier strategy. And boy did it happen fast. We just put the trade on Friday.
It’s a fast market. And it’s definitely a bull market. It’s all working.
If you’re interested in getting all the trade details and learning how we consistently trade options for outsized profits, click here and join Breakout Multiplier.
