Visa Inc. - (V) - April 13, 2023
Consumer lending company Visa (V) has increasingly been making its way up the rankings in the SIA S&P 100 Index Report since the start of this year, exiting the red zone and returning to the Green Favored Zone for the first time since September of 2020. Visa currently sits in 26th place, up 10 spots in the last month.
Visa (V) has been trending upward since October, broke a downtrend line in December, established a higher low in March, and currently is on an upswing. The shares are approaching $235.00, where a breakout would confirm the start of a new upleg.
On a breakout, initial upside resistance appears near the $250.00 round number, followed by the $260.00-$270.00 area based on measured moves. Initial support appears near $217.50 based on the current uptrend line.
This 1% chart highlights the emerging recovery trend in Visa (V) shares. Back in October, a year-long downtrend bottomed out and since then, Visa has been under renewed accumulation, establishing a new uptrend of higher lows. In December, V snapped out of a downtrend and in March, a breakdown was contained by uptrend support and a previous breakout point near $212.80.
This month, Visa has started to climb again and has completed a bullish Double Top breakout. Initial resistance appears near previous column highs in the $232.75 to $235.05 area, followed by the 2021 peak near $249.50, just under the $250.00 round number, then $262.25 based on a vertical count. Initial support appears near $219.25 based on a 3-box reversal.
With a bullish SMAX score of 7, WTE.TO is exhibiting strength against the asset classes.
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