Visa Pulls Back From New High
Visa formed an almost-perfect channel between May and mid-August, and ran to new highs before Labor Day. The recent volatility dragged it lower, but the pullback may be an opportunity.
The patterns are relatively straightforward. One is the $200 level, the top of the channel. That old resistance now seems to be providing support.
Second is the 50-day simple moving average (SMA), which rose up toward the same $200 level.
Finally, V’s price action isn’t exactly a cup-and-handle. However it’s similar, with a high basing pattern followed by a move toward new highs.
V (and
Mastercard) is one of the most direct proxies for consumer spending. That may also set it up to benefit if the pandemic continues to abate.
The patterns are relatively straightforward. One is the $200 level, the top of the channel. That old resistance now seems to be providing support.
Second is the 50-day simple moving average (SMA), which rose up toward the same $200 level.
Finally, V’s price action isn’t exactly a cup-and-handle. However it’s similar, with a high basing pattern followed by a move toward new highs.
V (and
Mastercard) is one of the most direct proxies for consumer spending. That may also set it up to benefit if the pandemic continues to abate. 
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