VISA. Ascending Triangle on Weekly. 3:1 RRR.

24 févr. 2021

V is breaking a year long ascending triangle on the weekly time scale. Measuring by the height of the triangle, about $80, from the top of the triangle gives us a target of $296. This is 35% potential profit from the current price of $219.

Taking the recent swing low as a guide, we can set our stop loss at $189.

The triangle is not considered broken upwards until we see next week's candle trading above current week's candle, given that this week's close is above the triangle.
Unfortunately I can't give a time window for this move.

From a fundamental point of view, I suspect that Visa benefits from the Fed's increased interest rates. But I would need more research to understand precisely the magnitude of such effect.

9 mars 2021

Transaction en cours

we broke above the triangle, although the candle is not so exciting looking at its upper wick. It still counts because it closed above the triangle.