Benzinga - by Zaheer Anwari, Benzinga Contributor.
- From July 2021, Visa entered a consolidation phase, with its stock price oscillating between $174 and $252, testing investor patience over a two-year period.
- Despite a minor pullback after reaching $263, Visa's stock found support at the daily 20 simple moving average around $255, suggesting a regaining of buyer momentum.
- Surpassing the previous high of $263, set on December 14th, would be a critical indicator of a continued bullish trend and the start of a new growth phase for Visa's stock.
Starting in July 2021, the stock price experienced fluctuations between a support level of $174 and a resistance level of $252 as the stock was in a long consolidation phase. These phases are a regular occurrence in the stock market and pose a test of patience and resilience for investors. For more than two years, Visa's stock price remained within this range, challenging investors to stay committed to the stock's potential.
In November 2023, Visa's stock price experienced a significant breakthrough, breaking free from the prolonged consolidation phase. This type of breakout in the stock market often leads to a powerful movement in the direction of the breakout. The recent breakout represents a crucial milestone for Visa, suggesting a promising resurgence in its stock price momentum.
After the breakout, the stock showed strong growth but experienced a minor setback when it reached $263. It pulled back and found support at the daily 20 simple moving average of approximately $255. This indicates buyers are regaining momentum, as shown by the stock's subsequent upward movement.
The previous high of $263, set on December 14th, is an important level to keep an eye on. If surpassed, this level could strongly indicate a continued bullish trend for Visa's stock. Not only would this confirm the current trend's strength, but it would also signal the possibility of a new growth phase for the company's stock.
After the closing bell on Wednesday, December 19, the stock closed at $259.99, trading up by 0.63%.
This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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