Visa Is Near a Key Resistance Area
Published on Thursday, 29 March 2012 07:48 Written by TradersHuddle Wire
New York, March 29th (TradersHuddle.com) - Shares of Visa Inc. (NYSE:V) are trading very close to calculated resistance at $119.36. The stock ended the trading session at just $119.35, which is near levels that make it difficult to buy or start a position.
Visa Inc. (NYSE:V) is a retail electronic payments network operator. The company manages global financial services and offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.
Visa's stock range is defined by its calculated support defined at $98.80 and by the resistance level at $119.36; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Visa. However, as the stock pulls back towards $98.80 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $119.36 then traders will get an opportunity to enter the stock as it moves to a higher range.