Trading Idea - Mastercard Broke Resistance, What to Expect?

Published on Wednesday, 01 February 2012 06:24 Written by TradersHuddle Staff

New York, February 1st (TradersHuddle.com) - Shares of MasterCard, Inc. (NYSE:MA) closed the trading session at $355.57 just above calculated resistance at $354.94 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

MasterCard, Inc. (NYSE:MA) is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

Mastercard's stock was trading in a well defined range with support at $336.26 and resistance at $354.94, given that this range was broken traders will be closely monitoring the stock