Visa Inc Stock Grinding Sideways
Visa Inc (NYSE: V) continues to tread water below resistance, despite the positive market conditions.
If Visa can’t participate now, what will happen when the market falters?
Here is a recap of Benzinga's September 2 report on Visa:
- Visa was under pressure throughout August and had broken down below its 200-day moving average support despite the strength in the broader market.
- Technicians put support down at $199.97 and resistance at $225 for Visa shares.
Visa shares have managed to trade back above the 200-day moving average line, but only barely so. Shares still remain below the very short-term trading peak at $218.65 from September 10. The technical condition of Visa shares is fairly neutral overall. The pattern on the chart, however, still is hinting at Visa shares moving down to "abc" projected support at $202.11.
It looks like both the bulls and the bears are having a difficult time seizing control of the situation in Visa stock right now. Sellers may start attacking the stock at current levels, but that does not seem to be happening yet. On the other hand, there does't appear to be enough buying interest in Visa to push the stock up through resistance.
At time of publication, shares of Visa traded at $216.78.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.