Software stock forming a 'big base breakout' that heralds more gains ahead, according to the charts

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Software stock forming a 'big base breakout' that heralds more gains ahead, according to the charts
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David Keller breaks down the pattern forming in Squarespace.

Investors pushed Squarespace Inc . higher to retest its April high after the company raised guidance for 2024. But the real story from a technical perspective is that this week's move appears to complete a "big base breakout" pattern — a sign of potentially much greater gains in the coming months. The weekly chart shows that after the May 2021 IPO at $50, the stock quickly jumped to its eventual peak at around $65.

Click here for the full disclaimer.This sector ETF that won big in April is set to outperform again after a pause, according to the charts

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