With the Magnificent 7 stocks floundering this week, and about 30% of the S & P 500 members breaking below their 50-day moving average in October, where can investors find emerging strength?
The structure of the daily chart remains positive as long as Visa remains above the $290 price point, which now serves as potential support.
The weekly RSI has remained above 40 during pullbacks in October 2023 and June 2024, demonstrating that the overall momentum picture remains bullish on the long-term time frame.
Similar to the buy signal in November 2023, we see this as a sign of renewed bullish sentiment for Visa.
And as long as Visa remains above moving average support, this payment processor could be headed to much further gains into early 2025.
Persons:
David Keller
Organizations:
Visa, RSI, pullbacks, CMT, CNBC, NBC UNIVERSAL