We looked at the charts of Square, Inc. (SQ) back on July 8 writing that, "If you are still long SQ raise your stop protection to a close below $110 now from below $90. The $153 area is our next price target. After that the round number of $200 is a likely magnet with our Point and Figure target of $228 after that. Amazing, but let's take it one level at a time."
With prices past our $153 price target a fresh look at the charts is a good idea.
In the updated daily bar chart of SQ, below, we can see that prices have exceeded our $153 target. Prices are still pointed higher as they show a consistent pattern of higher lows and higher highs. The slope of the 50-day moving average is very positive as is the slope of the 200-day moving average line.
The trading volume has been active since February and that tells me that this stock has attracted an expanding audience of buyers. The On-Balance-Volume (OBV) line has been in an uptrend the past 12 months telling us that buyers of SQ have been more aggressive.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has been bullish since April.