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

24 Şub 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 Mar 2021

İşlem aktif

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.