Trade of the Day
Visa Inc. (NYSE: V)
(Current Price: US$280.60) – TECHNICAL SELL
Sell price: US$280.60 Stop loss: US$286.00 (-1.92%)
Take profit 1: US$273.00 (+2.71%) Take profit 2: US$266.00 (+5.20%)
(1) & (2): Visa Inc. is expected to see a further pullback in its price after breaking down an uptrend channel it was trading in. This was following a false breakout above the US$286.00 level with a double top formation, which provides a bearish signal
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with bearish divergence signals and decreasing momentum, while the price was moving higher
We expect the price to pull back further towards take profit level 1 at US$273.00 to retest a previous range support level in February
The price could trade lower towards take profit level 2 at US$266.00 to retest a lower swing low support level in January
The expected timeline of the trade is 1-8 weeks from the date of report issuance
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I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
