V forms a 5-month rising wedge as shown on the weekly chart while posting new record highs. Further strength would open 72.74 (0.618x 48.80/67.33 from 61.29), near the wedge upper bounds, ahead of 75.07 (0.618x 16.23/58.88 from 48.71). The 66.84 area (near April 6, 2015 weekly range high and rising wedge lower bounds) should support dips. Only a break below the...
Visa has unfolded in a clear impulse wave since its 2009 low and regardless if we stutter higher the next big move of consequence will be on the downside towards 200.
I am bearish overall and Visa does not seem to be able to close above the upper trendline bolstering my confidence it is rollling over.
How it will reach the previous 4th wave zone ( 230-200 )...
The triangle pattern in VISA is indeed treacherous one. Two weeks ago, bull and bear traps were set up in just two days.
With the latest earning report. those who shorted at the triangle top had no chance to cover short.
P.S. I added in the earning E in circle since it is not updated yet.
Down 11.76% from the top and may soon head to $200 zone, if it holds as expected, good buying opportunity. If you want to receive a real time alert on this security try us www.2waytrading.com
Visa looks ready for a big move down as I see the next wave of selling taking it to 160ish and possibly lower. The company has been buying up to 5 billion worth of stock back with 1.9bn left after the June quarter. Given the stock has not been able to make new highs even with the aid of a buyback, I see very little upside. You also have the NYSE which is sitting...
V is currently in an up trend. Lots of bullish candles and positive trend lines.
On top of this, we have a gap filling opportunity at 222,69$.
We also have a resistance line dating from march 2014 that corresponds closely
to the ascending triangle's target.
Waiting for triangle confirmation but this looks like a nice trade. May risk an entry tomorrow.
Visa is set-up in the apex of a triangle on two time-frames: Short Term and Long Term.
Recently, there is news looking for an Apple partnership which could help move Visa UP if it resolves or DOWN if it doesn't get announced. From the "INTERNAL TREND" indicator that I created at the bottom of this chart, the trend is UP steadily and this would imply that we...
Recently I read Beyond Candlesticks By Steve Nison. The reason I find this information published by this author significant is because the book is required material by market technician association ( the organization that provides the certifications to become a charted market technician). With this certification you are allowed to have the series 86 exam exempt....
Professional traders always gauge the probability of an event. No matter how bad this chart looks, the extremely over sold RSI makes a short trade too risky.
