Watch this level on Block $XYZ – January 31, 2025
This is Scott at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Block ( NYSE:XYZ ).
I like to think of Block ( NYSE:XYZ ) as a bit of a crypto play. We’ve been watching this chart over at our sister service, Crypto Market Mentor. What I like about this chart is, it’s one of few in the crypto space that’s above its 50-day moving average.
If you look at a lot of the Bitcoin miners, Riot ( NASDAQ: RIOT ) for example, is under the 50-day moving average. Marathon ( NASDAQ: MARA ) is under the key moving average. HUT 8 ( NASDAQ: HUT ) is better than most but still is under the 50-day moving average. But XYZ or Block ( NYSE:XYZ ), is above the 50-day moving average.
They do have earnings coming out in just about 21 days. I would keep an eye on this for a potential momentum move if it’s able to get above this level of resistance, right around 94.30. We can see that this level was important in the breakdown. It was rejected here before it broke all the way down, and then ultimately came down under the 50-day.
It’s been resistance here, here, and here. I definitely think that’s a level you should watch for a break above. If it gets above and holds above 94.30 and does it on volume, I think you’ve got a nice little momentum trade that could test up here for just under $100.00.
I would definitely keep an eye on Block ( NYSE:XYZ ) for a breakout above this clear level of resistance, coming on higher than average volume. Just keep in mind, it’s a momentum trade and earnings are coming up.
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