Technical analysis of Visa stock. A look at its trends and support and resistance.
Visa is a stock that has been a steady gains over the years. With the increase usage of credit cards this is a stock that is good for accumulation in the times when it is oversold.
At this moment, Visa stock is at an important juncture. It is now sitting at the important rising 200 MA. A rising 200 day moving average is often a place where one can accumulate a S&P 500 stock.
It looks like Visa is finding support at the rising 200 MA. There is a possible triangle pattern. If Visa breaks above the downtrend line, then it it is possible for it to move higher. A possible bullish cross where the 20 MA crosses back above the 50 MA is possible. If that happens, then it can help Visa to move higher.
What is interesting in the weekly chart of Visa is that it is now sitting at an area of long term strong support. The top of the resistance which Visa broke out of is now a support area. Visa is also sitting at the weekly 50 MA.
The last two times that Visa met the weekly 50 MA, it found support. So, this time it could find support there as well. The stock is in a long term uptrend and therefore there is a possibility that it can go up higher.
Recently for the past 3 weeks it made a weekly bottoming tail. This could be a strong signal that it rejects to go lower. If Visa is able to move above the highs of all 3 bottoming tails then it can indeed go higher.
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