Visa is a great stock, but everything points towards a near term drop.
1) At R1 resistance line (not pictured) with Standard Pivot Points enabled
2) Rising Wedge pattern - bearish
3) Resistance area provided by gap (see rectangle ) where no buying volume at all. It was solidly rejected yesterday intraday from this point. You can see the inverted hammer candle it left showing the rejection.
4) Chaikin Money Flow AND Chaikin Oscillator both have large divergences with price on the 4h bars. I consider these to be leading indicators.
I expect it'll drop to the $207-$209 area where there is both price action support and a daily bar pivot point . Re-evaluate from there.
1) At R1 resistance line (not pictured) with Standard Pivot Points enabled
2) Rising Wedge pattern - bearish
3) Resistance area provided by gap (see rectangle ) where no buying volume at all. It was solidly rejected yesterday intraday from this point. You can see the inverted hammer candle it left showing the rejection.
4) Chaikin Money Flow AND Chaikin Oscillator both have large divergences with price on the 4h bars. I consider these to be leading indicators.
I expect it'll drop to the $207-$209 area where there is both price action support and a daily bar pivot point . Re-evaluate from there.
Trade active:
It has played out flawlessly. Based on what I see I think it'll continue to go towards $226 where it has resistance to deal with.
Trade closed: target reached:
Holy crap this has played out like magic. Even a blind squirrel finds a nut once in a while?!
It fell exactly to the zone I said, and then rebounded up to $228 on earnings. Literally got a double dip on this one as I got the short and the long. Winner winner chicken dinner!
It fell exactly to the zone I said, and then rebounded up to $228 on earnings. Literally got a double dip on this one as I got the short and the long. Winner winner chicken dinner!