SQ
Intraday Fundamentals-
• Shares of electronic payments company Square Inc. (SQ) are falling in Thursday's after-hours market, after it gave guidance that was lower than analysts anticipated.
• At 5:36 p.m. ET, the company's shares had lost 5.22% in the after-hours market, to trade at $76.75. Volume after the bell was almost 2.5 million shares.
• After the bell, Square reported a second-quarter loss of $7 million, or 2 cents a share, on revenue of $1.17 billion. It said third-quarter revenue was expected to be in a range between $1.13 billion and $1.15 billion. For the full year, the company said it was expecting revenue in a range between $4.41 billion and $4.47 billion.
• Square also said 2019 EBIT was anticipated to come in a range between $405 million and $415 million.
• Stock sold off Friday and recovered with the overall market on Friday afternoon.
• It has broken the 67 support level going into the morning and is currently struggling to hold 66
• MARKET IS A GENERAL SELL OFF THIS MORNING
Technicals
ADV 8.5M RVOL 5.14 ATR 3.03 BETA 3.3 Short 10% Inst Own 71%
Support levels 66. 64, 62 Resistance 68, 69.80, 70.80
DAILY
HOURLY
INTRA
Trading plan
• Look for a flush in the opening to 65 -64.. better if you can hold until 64
• If it flushes below 64… wait to see if it is weak enough to move to 62. If it looks that weak take short scalp off of 64
• If this trade in the opening minutes you keep the size small with a wide stop
• Compress the time frame
Reading the Tape
The third trade was taken because there had been a large bidder at .80 that seemed to get bigger every time the price would come within that range. Every time, the offers would lighten up and it would move back to the .90s. It was not until after I entered the trade that the bidder started getting smaller as the price approached 64.80.
The last long was taken after a long time of watching. I did notice that it did seem a little stronger as it came back into 64.00 and stayed steady until it had broken trend. After that, they only thig I saw was 64.20 hold but that was as much on the chart as the level 2.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-08-05 15:11:48 | SQ | buy | $64.194 | long |
2019-08-05 15:21:53 | SQ | sell | $64.465 | 0 |
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