Visa Inc. - (V) - April 21,2023
Visa (V) has slowly been working its way back up the relative strength rankings in the SIA S&P 100 Index Report since January of 2022. Gains accelerated earlier this year, particularly since it exited the red zone back in January. Yesterday it returned to the Green Favored Zone for the first time since September of 2020.
Back in October, a year-plus downtrend in Visa (V) shares bottomed out in a successful retest of support near $175.00. Since then, Visa has been under renewed accumulation, as shown by the new uptrend of higher lows, the snapping of a downtrend line back in November, and a December bullish Golden Cross. The shares have continued to climb into 2023 and are currently challenging resistance near $235.00.
A close above that level would signal the start of a new upleg with next potential resistance possible near $250.00 where previous highs and a round number converge, followed by $255.00 and $260.00 based on measured moves.
Initial support appears near $230.00 then the 50-day average near $223.00.
After spending most of the last two and a half years mostly grinding sideways, Visa (V) shares appear to be back under accumulation. Since bottoming out in October, a new uptrend of higher lows has emerged, and the shares snapped out of a downtrend in December. A recent correction in the shares was minor, only 3-rows, and the shares have since broken out to a new 52-week high, which also completed a bullish Double Top and a Bullish Catapult.
Initial upside resistance appears at the August 2021 peak near $248.35, followed by $274.20 based on a vertical count, and $308.75 based on a horizontal count. Initial support appears near $216.20 based on a 3-box reversal.
With a perfect SMAX score of 10, V is exhibiting strength across the asset classes.
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