Tonight we will have a closer look at another Leading Stock that has just closed at a new all-time high. SQ – Square was covered early on and has been part of the focused watch list for several weeks.
The ‘cheater entry’ provided a great buy entry and the way it works was explained in detail in the weekly video right before Square was setting up for a long entry.
Why is this called a ‘Cheater Entry’? Because it provides a clear buy signal, taking out a former pivot high, and at the same time provides an early entry before a much more obvious buy signal triggers. In this specific case, the cheater entry with SQ provided an entry right before most technical traders follow the new all-time high buy signal.
For members, I go through all the benefits of cheater entries. You want to get exposure to New Leaders early on? Consider joining as a member!
Square is well known for its payment processing solutions. Actually, SQ – Square was recently compared to AMZN – Amazon in its early stages. A comparison that you do not see very often, but in Square’s case it actually makes sense.
Square offers a complete suite of products that serves small businesses and entrepreneurs. What is somewhat misunderstood and most likely vastly underestimated, is the kind of insight about their customers they have access to. That allows Square to offer unique additional products like loans traditional banks would shy away from.
SQ could very well develop into a powerhouse serving the needs of the ‘underbanked’. It is already developing into a fierce competitor of Venmo, a PYPL – Paypal company. But SQ has a clear advantage. It already knows the businesses they are providing small loans with very well. They can thus provide very low risk loans. A potential new leader in the making!
Click on SQ – Square daily chart to enlarge:
The daily chart shows the ‘Cheater Entry’.
Click on SQ – Square weekly chart to enlarge:
The weekly chart shows the impressive overall pattern pressure. SQ is a new leader displaying massive strength. Keep in mind leading stocks often do surprise to the upside. Right now, a $100 price target looks rather ambitious, but if SQ can move towards 60-70 it will all of a sudden look a lot more realistic. In the meantime, we simply let our winners like SQ run.
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