Stock of the day: Visa
22 October 2024
In today's stock of the day, let's focus on Visa, which had a particularly bad session yesterday. This decline wasn’t random—it occurred at a key resistance level, potentially signaling further bearish movements. The resistance, marked by the orange line around $290, had already proven to be a tough barrier in March and September. Yesterday's session saw the price decisively bouncing off this resistance level, suggesting strong selling pressure.
As long as Visa remains below this key orange resistance, the sentiment leans towards the negative. The next level to watch is the green uptrend line, which serves as the closest support. Given the current bearish pressure, the likelihood of reaching this support seems quite high. On the other hand, if the price unexpectedly reverses and manages to close above the orange resistance, that would provide a strong buy signal, though the chances of that happening seem slim at the moment. For now, the outlook on Visa remains bearish.