V ends the day indecisive
Visa Inc. (V) Technical Analysis Report for Jun 02, 2020 | by Techniquant Editorial Team
V finished Tuesday at 196.36 gaining $2.01 (1.03%), slightly underperforming the Dow Indu. (1.05%). Today's close at 196.36 marks the highest recorded closing price since February 24th. Trading up to $1.02 lower after the open, Visa managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 29th, V actually lost -0.46% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (V as at Jun 02, 2020):
Tuesday's trading range has been $2.60 (1.33%), that's below the last trading month's daily average range of $3.97. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for V. Prices continued to consolidate within a tight trading range between 193.28 and 197.52 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Prices are trading close to the key technical support level at 194.49 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 198.29 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Visa. Out of 216 times, V closed higher 55.09% 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 65.28% with an average market move of 1.08%.