VISA - Point of Entry?VISA is another stock that I have been keeping an eye on recently as it shares a similar story tto i Master Card ()
Analyst ratings on the stock remain overwhelmingly positive with a consensus target around $241 despite mediocre earnings results that resulted in some selling pressure and increased volatility lately.
On the technical side the stock seems somewhat undecided however;
Positive Factors
Stock recovered above 200 EMA which reinstated it as support level
Back at the 0.786 Fibonacci levels which for now is a (soft) support
Dynamic resistance level has been broken and indicates more bullishness
Back at the gap base created on November 2020 earnings
RSI bounced off oversold territory back to neutral (50's)
Negative Factors
MACD still indicates bearish sentiment
100 EMA could proof resistance
No confirmed long-term trend. The stock is moving pretty much sideways since mid 2020
Rather large intraday swings, which makes SL setting more difficult
My trade;
I went long in yesterdays trading at $200
Stop Loss outside recent lows around $191 (Oct/Nov gap levels) to account for incr. vol.
Take profit set at $230 although I'd eye the recent $220 highs as a first target
