VISA NEXT DAYS/WEEKS ANALYSIS - Counter thrend-next breakout
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DAILY CHART
As ween can see in the daily chart, the visa stock until the end of March was in a strong downtrend. Around 24 of March it has a double bottom and then began a new uptrend. We can say it is going for uptrend cause the Lower High around $168 was broken,and now as we can see the price is retesting that previous resistance that now is a new support.
We saw the price retrace at 0.382 fib level (indicates a strong trend ) and now its forming a descending triangle as consolidation phase. The price will consolidate for some days and then it will eventually breakout to the upside.
30min chart - not for analysis but we can see a more detailed description of the moves and the retracement.
Scenarios
It might happen that the price will consolidate for the next days in that triangle and then breakout and first target will be 1.27 fib extension and second target is 1.618 fib extension around $196. We also see in the market structure if we look left that also in that level of 196$ there is a resistance line so it probably go up and test it.
That is only my thoughts and not an advise.
As ween can see in the daily chart, the visa stock until the end of March was in a strong downtrend. Around 24 of March it has a double bottom and then began a new uptrend. We can say it is going for uptrend cause the Lower High around $168 was broken,and now as we can see the price is retesting that previous resistance that now is a new support.
We saw the price retrace at 0.382 fib level (indicates a strong trend ) and now its forming a descending triangle as consolidation phase. The price will consolidate for some days and then it will eventually breakout to the upside.
30min chart - not for analysis but we can see a more detailed description of the moves and the retracement.
Scenarios
It might happen that the price will consolidate for the next days in that triangle and then breakout and first target will be 1.27 fib extension and second target is 1.618 fib extension around $196. We also see in the market structure if we look left that also in that level of 196$ there is a resistance line so it probably go up and test it.
That is only my thoughts and not an advise.
Nota
The price closed by the 1.27 fib extension level at around 185$. Lets see if it breaks it hopefully and close to the 1.68 fib extension.
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