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US Technical Analysis Report

One NYSE– Listed Technology Stock Poised for Upside as Russell 3000 Inched Higher– SQ

May 03, 2024

SQ:NYSE
Investment Type
Large-cap
Risk Level
Action
Rec. Price (US$)

Company Overview:  Block, Inc. (NYSE: SQ) engages in creating ecosystems for distinct customer audiences. It operates through the Square and Cash App segments. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, remained range bound throughout the week. The index made high of 2929.452 during the week and settled at 2899.544 with a week-to-date (WTD) loss of ~0.571 percent on May 2, 2024Other major indices, such as S&P 500 and NASDAQ Composite displayed downside move for the week. On May 2, 2024, the S&P 500 index settled at ~ 5064.19 with a WTD loss of ~0.70 percent, while the NASDAQ Composite Index settled at 15840.958 with a WTD loss of ~0.546 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one NASDAQ-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Block, Inc. (NYSE: SQ) for the next 2-4 weeks duration: 

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