Visa (V) Breaks Out

Visa Inc. (V) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments…

Take a look at the 1-year chart of Visa (V) below with added notations:

During the past two months, V had formed an important resistance at $228 (green), but now that the stock has broken above that level, while also hitting a new 52-week high, overall higher prices should be coming. If V pulls back, the $228 level should become key support.

The possible long position on the stock would be on a pullback down to that level with a stop placed under it. A failure to hold $228 could negate the expectations for a higher move.

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