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Visa Pulls Back From New High

NYSE:V   VISA INC
Visa formed an almost-perfect channel between May and mid-August, and ran to new highs before Labor Day. The recent volatility dragged it lower, but the pullback may be an opportunity.

The patterns are relatively straightforward. One is the $200 level, the top of the channel. That old resistance now seems to be providing support.

Second is the 50-day simple moving average ( SMA ), which rose up toward the same $200 level.

Finally, V’s price action isn’t exactly a cup-and-handle. However it’s similar, with a high basing pattern followed by a move toward new highs.

V (and Mastercard ) is one of the most direct proxies for consumer spending. That may also set it up to benefit if the pandemic continues to abate.

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