Block Stock Forecast and Price Outlook: Will SQ Surpass $80?
Block stock forecast implies that the stock price has recently experienced a remarkable rebound, showcasing a recovery from its lows of the past weeks. However, the stock is currently facing resistance at the $80 level, prompting questions about its potential to surpass this mark.
Block stock has undergone a significant rebound, with buyers accumulating the stock and expressing willingness to push it beyond the $80 threshold. The stock is undergoing a retracement move, having recently tested the supply zone at $80 but facing rejection.
Analysts are optimistic about Block’s future performance, suggesting a yearly target price of $78.93. The stock has recently achieved this target and experienced a U-turn, indicating potential for further positive movements.
Block Stock Forecast: Technical Analysis
Source: Tradingview
On the daily charts, Block’s stock price has maintained neutrality and recovered sharply from the demand zone, trapping sellers.
The RSI sharply fell into the oversold region but is now witnessing profit booking and the MACD indicator shows a bearish crossover with red bars, suggesting a retracement move.
SQ stock is trading above the 100-day and 200-day Exponential Moving Averages (EMA), indicating overall strength. The stock is striving to overtake the 20-day EMA to regain further strength.
The price action suggests neutrality, with a bullish reversal candlestick formation on the 100-day EMA, indicating a potential break-in selling pressure.
The trend remains unchanged, and there is a possibility of buyers lifting the stock above $70 shortly. The stock hints at accumulation and is expected to surpass the 20-day EMA hurdle in upcoming sessions.
Conclusion
Block stock forecast suggests that the price is currently experiencing resistance at the $80 level, leading to profit booking and a retracement. The overall trend is neutral, with buyers attempting to surpass the 100-day EMA to initiate a reversal. However, the recent pullback has been intense, and volatility is evident in recent sessions.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
