Visa V-N rallied from US$133.93 in March 2020 to US$252.66 in July 2021 (A-B) but reversed the trend when it fell below the 40-week Moving Average (40wMA – C) and traded below a falling trendline (dotted line).
The stock pierced above these indicators at the tail end of 2022 (D) then stayed in a horizontal trading range mostly between US$215 and US$236 (dashed lines). The recent rise above this range suggests a breakout and the start of an uptrend toward higher targets (E). A sustained rise above US$245-250 would confirm it.
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near ±US$225; only a sustained decline below this level would be negative.
A rise above US$245-250 would signal Point & Figure targets of US$275 and US$300. Potentially higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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