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by Darius Anucauskas

Waiting For Visa Stock To Exit The Range

Looking at the technical picture of the Visa Inc stock (NYSE: V) on our daily chart, we can see that from around the end of May, the price continues to move sideways, roughly between the 202.20 and 186.25 levels. Last week, V tried to get closer to the upper bound, but failed to do so and retraced lower within the range. Now the stock is closer to lower side of the pattern, however, as long as the share price remains inside that range, we will stay neutral.

A drop and a daily close below the lower side of the range, at 186.25, would confirm a forthcoming lower low and could set the stage for further declines, as some buyers might get spooked temporarily. If so, V may end up drifting to the 181.10 zone, marked by the inside swing high of May 13th. A break of that area might lead the stock to its next potential support level, at 173.85, which is the low of May 14th.

The RSI and the MACD seem to be supporting the above-mentioned scenario, as both indicators are pointing slightly to the downside. Also, the RSI remains below 50, which strengthens the downside. The MACD, although is pointing a bit lower and sits fractionally below its trigger line, it is still slightly above zero. This supports the idea of waiting for a break below the aforementioned 188.25 hurdle first, in order to get a bit more comfortable with lower areas.

Alternatively, to start examining the upside again, preferably we would like to see a break and a daily close above the upper side of the range, at 202.20 first. If such a move occurs, that may invite a few extra buyers into the game, allowing them to raise the share price further north. The stock might travel to the 207.50 obstacle, a break of which could clear the way to the all-time high, at 214.20.



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