Square seems to be going in circles.
The payments stock has fallen nearly 25% in the past six months even as PayPal, Mastercard and Visa have rallied, and JC O'Hara, chief market technician at MKM Partners, said Square's charts aren't pointing to anything positive.
"Right now, it doesn't look too good. When you look at the chart of Square, it's much different than the other names ... Visa, Mastercard [are] in strong uptrends. Square, however, couldn't get above $80. It tested it twice," O'Hara said Thursday on CNBC's "Trading Nation."
PayPal, Visa and Mastercard have outperformed the broader market so far this year, rising 27%, 35% and 47%, respectively. Square has only seen a 3% rise this year, and O'Hara said it's possible it sinks back down to levels not seen since its December lows.
"Right now we're really breaking below a critical level of support. Those main lows around $60 [were] vital for this stock. We're breaking below, and really there's no next support level, until we go back to the December 2018 lows, and that's $50. This is a chart that I'd avoid right here," said O'Hara.
Erin Gibbs, chief investment officer at Gibbs Wealth Management, agreed that there's not really a good angle to enter Square.
"I definitely wouldn't get in here, and if you are in, I would say get out at this point. I wouldn't go as far to say that it's a short, because it does look so cheap, but it's something that's concerning," said Gibbs.
She mentioned that although Square beat on its top and bottom line when the company reported earnings in August, it missed on the total payments volume, which disappointed investors.
"When you're a high growth stock, you have to hit all your numbers. And it's still debatable whether they're going to see any real profits from their Cash App. There's just a lot of questionable items about how much money they're really going to grow. And I never like getting into a growth name where the biggest compelling reason is its value," said Gibbs.