Is Visa Breaking Out?
Published on Thursday, 04 October 2012 07:36 Written by TradersHuddle Wire
New York, October 4th (TradersHuddle.com) - Shares of Visa Inc. (NYSE:V) closed the session at $138.52 just above calculated resistance at $136.65. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 stock was trading in a well defined range with support at $121.28 and resistance at $136.65. Given that this range was broken, traders will be closely monitoring Visa's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Visa is still near the broken resistance level, traders will be focusing on the $136.65 level to see if the stock holds the breakout without rolling over.
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