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Visa Daily Technical Analysis | 12 October 2017

2017-10-12 07:30 am | Resource: Technical Analysis Section | No Views : 314

Visa is still trading in a bullish direction on the 240-minute time frame and the stock managed to breach the secondary bearish trend line earlier this week as buyers pressured the US stock.

Visa Daily Technical Analysis | 12 October 2017

On the chart above, we notice that there is a harmonic trading pattern (ab = cd). The arrow broke point B with the trading on Monday and also broke the initial resistance level 106.70. Currently the stock is trading at the second resistance level of 108.03.
The index of the momentum is still positive and its momentum started to rise again to show the strength of bulls' resolve.
It is expected that, as long as Visa shares are trading at the highest levels of 106.83, it targets 110.52 points. The harmonic pattern is completed, but if it breaks 106.70 it could target 104.89.
Support: 106.70- 104.89- 102.94
Resistance: 108.03 - 110.38 - 112
Trend: Up

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