Is Visa Closing in to Support?

Published on Tuesday, 24 July 2012 08:32 Written by TradersHuddle Wire

New York, July 24th (TradersHuddle.com) - Shares of Visa Inc. (NYSE:V) are trading very close to calculated support at $119.10 with price action closing at just $124.47 and placing the stock near levels where traders will start paying attention.

Visa's stock range is defined by its calculated support defined at $119.10 and by the resistance level at $131.00, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Visa's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $131.00 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the 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.