Technical Pulse: Visa Inc February 23, 2021 103

 

Visa (US: V) has been ranging steadily after recovering from the dip in March 2020. Recent technicals indicate that the stock is poised for a break-out from the corrective range periods:

 

  1. Despite trending in a corrective range, Visa has formed a large ascending triangle, which itself is a continuation of the bullish trend from the longer-term perspective.
  2. Besides that, the resistance zone has been tested thrice, weakening the resistance. Also, as the stock is pulling back from higher resistance lows.
  3. The bullish piercing line has successfully closed above the 50-day moving average and rebounded from the support zone at 61.8% and 50.0% Fibonacci retracement of US$192.72-US$211.83.

 

*Timeline of the trade is 3 weeks from the date issued.

 

CHART LEGENDS

 

Moving average

Red dotted line = 200 Periods Moving average

Blue dotted line = 50 periods Moving average

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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