Block tries to vent off overbought saturation - Analysis - 08-08-2022

Block's stock (SQ) fell in the intraday levels after the tech payment company reported losses, and expected July growth in Square to be less than expected, with the stock declining 2.20%, or 1.97 points, settling at 87.73, with trading volumes surpassing 31 million shares, above 10-day averages of 16 million shares. 

The stock is collecting profits and gathering momentum and venting off overbought saturation from the RSI, while buoyed by piercing the main downward trend line recently, with positive support from the 50-day SMA.

Therefore we expect the stock to return higher, targeting the resistance of 108.00, provided the support of 75.17 holds on.

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Expected trend for today: Bullish