Good morning Traders!

The short seller hedge fund Hindenburg, which rose to fame after taking on Gautam Adani with allegation of fraud is coming for Block Inc. (previously known as Square).

Block Inc.

Hindenburg is alleging fraud at the payment company. And after the big drop in value for Gautam Adani’s companies, following Hindenburg accusations, many market participants have decided to sell the share, causing a big gap down at the opening yesterday. It’s important to note that Block Inc. denies any wrong doing, and is looking at legal action against Hindenburg.

On the technical side, the market has been selling off since the high it reached in August 2021. After finding Support at around the area of the 51 level, the market tried to go higher, but met with renewed selling at the Resistance level of the 91 area, thus printing a Monthly Lower high.

After yesterday news, the market closed 14.8% lower, bringing it closer to it’s Support level of around the 51 area.

I’ll be looking for either a relief pullback to around the 70 area, or if the market will continue strongly lower, then a compression of price pressing on the 51 Support area. Next potential area of strong S/R may be at the Monthly chart Low, around the level of 32.00

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

General Risk Warning:
Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.


Server Name Update

On April 20, 2024, our MetaTrader 4 server names are changing.

You’ll need to reinstall the MetaTrader 4 desktop app and relaunch the mobile app to log in.

No action is required on the web platform.

Need help? Check our guide for more info.