V pushes through key technical resistance level
Visa Inc. (V) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
V finished the week 3.72% higher at 210.29 after gaining $2.89 (1.39%) today, strongly outperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 210.29 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 208.47, the market confirmed its breakout through the prior session high after trading up to $2.30 above it intraday.
Daily Candlestick Chart (V as at Feb 14, 2020):
Friday's trading range has been $2.76 (1.33%), that's below the last trading month's daily average range of $3.60. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for V.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 208.50 (now S1), which is likely to act as support going forward. The last time this happened on Wednesday, V actually lost -0.02% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Visa. Out of 630 times, V closed higher 52.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.89% with an average market move of 0.75%.