- VISA stock shows a bounce from the critical mark of $215.
- Bulls are willing to retest the 52-week high mark.
Visa stock (NYSE: V) is looking bullish indicating a positive outlook and buyers activity on the charts. The ongoing rising action and price gradually riding on the higher sides forming a higher highs sequence signifies that buyers are gaining traction from the recent trading sessions.
However, the tech giant company has outperformed in the past months and maintained the gains on the top. The stock is trading near its 52-week high of $235.
Last week, bulls attempted a breakout but were unable to surpass it, it failed multiple times in the past sessions.
Visa Inc. (Visa) is a payments technology company that provides digital payments across more than 200 countries and territories. The Company connects consumers, merchants, financial institutions, businesses, strategic partners, and government entities to electronic payments
However, bulls do not leave the momentum and continue to try multiple times, forming a double top pattern which results in a recent drop in price. This slight retracement in price makes the price take support on 200-day EMA and forms a hammer candlestick on there which signals a strong reversal from there.
At press time, Visa stock was traded at $226.50 with an intraday gain of 2.47% showing bullish actions. Moreover, the trading volume also saw a spike in recent sessions. The trading volume was noted at 7.005 million during yesterday’s session
Will the VISA Stock register breakout above $235?
On the daily charts, Visa stock is trading inside the rising channel, but forming a rising wedge pattern. Moreover, a breakdown below the lower trendline was noted, but soon a bounce back with a hammer candlestick was noted, which indicates buyers’ activation.
Recently, Visa stock accumulated by buyers from the level of $200, and follow-up buying was noted on charts, which noted an interest of investors in the stock. Furthermore, the stock has seen long buildup activity of buyers who are pretending that stock will soon escape its 52-week high of $235 and a breakout is to be there in the near term.
What does the Traditional Indicator say?
On the 4-hour charts, VISA stock noted a bounce and the technical parameters are also showing a rise in the momentum of bulls. Moreover, the price action showed a pump-up move from the 200-day EMA mark.
The RSI curve was noted as a reversal from the oversold region and positive crossover was marked on the index curve.
The MACD indicator shows a bullish crossover in the last session showing an upright move with the addition of volumes. Moreover, the buyers gaining traction in the last session shows that sellers were trapped near the lower trendline.
Conclusion:
VISA stock is near retesting the 52-week high of $235 and looking for a breakout in the upcoming sessions.
Technical Levels:
Support Levels: $200
Resistance Levels:$235
Disclaimer
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