Stock of the day: Visa

By Tomasz Wisniewski|

Published: October 19 2022, 09:03 GMT+0

Stock of the day: Visa

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In today’s stock of the day, we have Visa, which is very close to a major, long-term buy signal. This may be easily triggered if the global bounce on indices accelerates just a little bit more.

Visa is currently finishing a very promising double bottom formation (yellow). The double-bottom usually ends with a bullish upswing but in order to increase the chances of success, we’ll first have to see the breakout of the neckline of this pattern. Interestingly in our case, the neckline is in the same place as the long-term horizontal support on 189 USD (blue).

The price closing a day above that area would be a technical trigger to a major buy signal. As for the target, the first level that comes to mind is the long-term down trendline (orange) connecting lower highs since July 2021.

Chances for a positive solution here are high but remember, from a price action point of view, it’s not a sealed deal yet. The price closing a day above the 189 USD is a must.

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