V closes above its opening price after recovering from early selling pressure
Visa Inc. (V) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, V ended the month -1.06% lower at 193.17 after gaining $1.79 (0.94%) today, slightly outperforming the Dow Indu. (0.85%). Trading up to $1.33 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (V as at Jun 30, 2020):
Tuesday's trading range has been $3.59 (1.87%), that's below the last trading month's daily average range of $4.54. 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.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's low at 186.21, downside momentum might speed up should Visa mark new lows for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Visa. Out of 340 times, V closed higher 51.47% 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 59.12% with an average market move of 0.80%.