Mastercard Inc. - (MA) - September 14, 2023
Back in May, Mastercard (MA) returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since October of 2020. Since then, the shares have consistently been in the lower half of the Green Zone, returning 12.9%. Yesterday, MA moved up 2 spots to 20th place.
A major breakout is underway in Mastercard (MA) shares. Since bottoming out with the market about a year ago, MA has been steadily climbing and establishing an uptrend of higher lows. Earlier this summer, MA closed above $390.00, completing a bullish Ascending Triangle pattern, ending nearly two years of trendless consolidation and signaling the start of a new uptrend.
The $390.00 breakout point has subsequently been confirmed as new support, a bullish sign. Measured moves suggest potential upside resistance could emerge near $430.00, then the $500.00 round number.
Building on an uptrend which started last October, Mastercard (MA) recently staged a big breakout over $395.00, completing a bullish Spread Quadruple Top breakout to end over two years of consolidation and signal the start of a new uptrend. Since then, the rally has extended well above the $400.00 level.
Vertical and horizonal counts suggest next potential upside resistance tests on trend may appear near $472.45, $491.50, and $521.60, plus the $500.00 round number. Initial support appears near $379.95 based on a 3-box reversal.
With a bullish SMAX score of 9, MA is exhibiting strength against the asset classes.
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