Mastercard (MA) has consistently been in the Green Favored Zone of the SIA S&P 100 Index Report since September of 2016. Yesterday it moved up 2 spots to 16th place.
MasterCard (MA) staged a major breakout yesterday, blasting through the top of a $285-$315 trading range, completing a bullish Ascending Triangle, and signaling the start of a new upleg. With the $315 breakout point becoming new support, next potential resistance appears in the $345 to $350 range where a measured move, the previous peak and a round number converge.
After spending July in a normal consolidation phase, Mastercard’s (MA) recovery trend has resumed this month with the shares completing a bullish Double Top pattern and advancing on $328.00. Next potential appears at the February peak near the $350.00 round number, followed by $394.00 and $418.00 based on vertical and horizontal counts. Initial support appears near $304.50 based on a 3-box reversal.
With a bullish SMAX score of 7, MA is exhibiting near-term strength against the asset classes.
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