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V still stuck within tight trading range


Technical Analysis Report for V - Apr 16, 2018 [1 min read]
Highlights
V closes below its opening price unable to hold early session gains
V pushes through 50-day moving average
V unable to break through key resistance level
V rises to highest close since March 21st
V still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

V ended Monday at 121.88 gaining $1.13 (0.94%). Today's closing price of 121.88 marks the highest close since March 21st. Trading $0.76 higher after the open, Visa was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for V
Volatility

Monday's trading range was $1.36 (1.11%), that's far below last trading month's daily average range of $2.53. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 119.62 and 122.87 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 122.25, the stock closed below it after spiking as high as 122.87 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The share managed to break above the 50-day moving average at 120.73 today for the first time since April 12th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 119.62 where further sell stops could get triggered. With prices trading close to this year's high at 126.66, upside momentum might speed up should V be able to break out to new highs for the year. Trading close to February's high at 126.04 we could see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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