This is an updated version of the report published on 17 July 2023 at 3:55 PM (GMT+10)
Company Overview: Block, Inc (ASX: SQ2) is engaged in financial services and mobile payment operations. It has two segments, namely Seller and Cash App. Kalkine’s Daily Report covers the Key Financial Metrics, Risks, Outlook, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.
Section 1.0: Block, Inc (‘Sell’ at AUD 110.370 current market price per share as on 17 July 2023)
1.1 Company Details
2.2 Valuation, Technical Summary & Stock Recommendation
The stock has witnessed a surge of ~18.71% in last one month, and over the last six months, it has increased by ~10.66%. The stock has a 52-week low and 52-week high of AUD 83.010 and AUD 127.980, respectively and is currently trading above the 52-week high-low average. SQ2 was last covered in a report dated ’15 June 2023’.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for price data is based on July 17, 2023, and all other data such as technical indicators, support, and resistance levels are as of July 18, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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