Visa Inc. - (V) - November 28, 2023
SIA Charts relative strength reports provide investors with an indication of changing and ongoing trends in a stock’s performance relative to its peers. This 5 year chart of Visa’s relative strength within the SIA S&P 100 Index Report shows that after outperforming in 2019, Visa’s relative strength dropped off in 2020 and then it spent 2021 and 2022 underperforming.
This year, Visa climbed up out of the red zone more consistently, and in the last month it has moved up into the Green Favored Zone, currently sitting in 26th place. Visa is currently ranked higher than competitors MasterCard who is in 28th position in the yellow zone, along with American Express and Capital One, who are respectively ranked 61st and 62nd in the red zone. Since bottoming out a year ago, and particularly since the start of 2023, Visa (V) shares have been under renewed accumulation, steadily advancing in a Rising Channel of higher highs and higher lows, and generally trending upward above their 200-day moving average.
In the last month, since a successful retest of trend support, the shares have been climbing and recently broke out over $250.00 to a new all-time high. The current advance started with a spike in volume, which also indicates that accumulation has increased lately.
Measured moves from previous trading ranges suggest the potential for initial resistance in the $275.00-$280.00 area, followed by the $300.00 round number. Initial support appears near $240.00 then the 200-day average near $232.00.
Earlier this year, Visa (V) snapped out of a downtrend that had started in the summer of 2021, punctuated by a bullish Spread Triple Top breakout. Since then, the shares have been under accumulation, only staging two small 3-box corrections within a move up from near $200.00 toward $250.00. This month, the shares completed a second bullish Double Top and a second Bullish Catapult in a row to signal the start of a new upleg and confirm ongoing accumulation.
Based on horizontal and vertical counts, potential upside resistance tests appear near $289.30, $307.00, and $332.30. Initial support appears in the $228.10 to $232.66 area where a 3-box reversal and a recent breakout point converge.
With a perfect SMAX score of 10, V is exhibiting strength across the asset classes.
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