Reference Points for Visa

Published on Wednesday, 29 August 2012 07:44 Written by TradersHuddle Wire

New York, August 29th (TradersHuddle.com) - Visa Inc. (NYSE:V) closed the trading day at $127.40, near its 50 day moving average that is set at $126.31. Visa's price action is just above this important support level, providing a trading opportunity.

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.

The peaks and troughs algorithm shows calculated support at $121.28 and calculated resistance at $132.58. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Visa should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.