Visa Faces Resistance Following a Sharp Drop
Visa fell sharply on October 27 following a couple of negative headlines. Now after a bounce, it may be ready for further downside.
The main pattern on today’s chart is the price level around $220. It was a low in May and near the lows of September and mid-October. There’s now a chance of it becoming resistance.
Next, V has failed to hold its 200-day simple moving average (SMA). The 50-day SMA has also crossed below the 200-day SMA.
Turning to the weekly chart, notice how the late-October selloff produced a bearish outside candle. It may also be turning into the right shoulder of a head & shoulders reversal pattern.
The fundamentals behind the drop are potentially negative because V has been paying higher incentives to banks. Several analysts have responded with lower price targets. Antitrust scrutiny may also be looming on the horizon.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The main pattern on today’s chart is the price level around $220. It was a low in May and near the lows of September and mid-October. There’s now a chance of it becoming resistance.
Next, V has failed to hold its 200-day simple moving average (SMA). The 50-day SMA has also crossed below the 200-day SMA.
Turning to the weekly chart, notice how the late-October selloff produced a bearish outside candle. It may also be turning into the right shoulder of a head & shoulders reversal pattern.
The fundamentals behind the drop are potentially negative because V has been paying higher incentives to banks. Several analysts have responded with lower price targets. Antitrust scrutiny may also be looming on the horizon.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.