Square Showing Leadership Potential
Square Inc, $SQ, is a leader in the digital payment space, as it allows small businesses to turn their mobile devices or computers into payment platforms. I first came across Square while in Miami many years ago. I was very intrigued to see the clerk at a small café swipe my credit card through a little attachment on his cell phone.
SQ was a big winner for me in 2020 as it emerged from a very large base following the March 2020 bear market bottom. Since December, Square has been consolidating sideways in a mostly orderly pattern, similar to what Pinterest has been doing. This is quite constructive compared to other 2020 leading stocks such as PTON, NIO, SHOP, and ZM which fell to their 200-day moving averages in March.
I recently opened a position in SQ as it retook its' 50-day moving average. I love the large accumulation that has been coming into Square over the past few weeks. I will be looking to add to my position should SQ clear recent resistance around $250-$260.
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Full Disclosure: I currently own Square.
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