Ahuja said that while many people think of Square as just a credit card processing tool, the company's mission is economic empowerment. Square helps everyone, from individuals and small business to big businesses, participate in the economy.
Square got its start with payment processing 10 years ago, Ahuja said, but it now offers 20 different products to help business with capital, loyalty, marketing and more.
Ahuja commented on Square's acquisition of Caviar, saying that the deal brings together two great ecosystems that have tremendous opportunities to grow, cross sell and connect to one another.
Cramer said Square remains a terrific financial technology company and should be a part of your portfolio. Let's check in with the charts of SQ to see if this is a good location to be a buyer.
In this daily bar chart of SQ, below, we can see that prices have firmed up from making a low in September. SQ is now above the rising 50-day moving average line and prices look like they are heading up for a test of the declining 200-day moving average line.
The volume pattern is hard to read but it looks like the daily On-Balance-Volume (OBV) line has risen from its September low signaling that buyers of SQ have been more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has turned up from the zero line this month for an outright go long buy signal.
In this weekly bar chart of SQ, below, we can see that prices have made a sideways consolidation pattern from around the middle of 2018. In September prices successfully retested the low made in December 2018.
SQ is trading below the declining 40-week moving average line but not by much.
The weekly OBV line shows weakness from April but looks to be starting an uptick this month.
The weekly MACD oscillator has crossed to the upside for a cover shorts buy signal on this longer time frame. The zero line is not that far away and crossing it will generate a buy signal.
In this Point and Figure chart of SQ, below, we can see an accumulation pattern (buying) and a potential upside price target of around $78.
Bottom line strategy: It looks like SQ could trade up to retest its July zenith in the months ahead. Traders could probe the long side of SQ only if they can afford to risk below $60.