Is Mastercard Closing in to Resistance?
Published on Monday, 24 December 2012 07:36 Written by TradersHuddle Wire
New York, December 24th (TradersHuddle.com) - Shares of MasterCard, Inc. (NYSE:MA) are trading very close to calculated resistance at $498.62. The stock ended the trading session at just $493.57, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $447.38 and by the resistance level at $498.62; 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 Mastercard. However, as the stock pulls back towards $447.38 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $498.62 then traders will get an opportunity to enter the stock as it moves to a higher range.
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