MasterCard Chart Strength?
The chart below of Mastercard (MA) is an interesting one. The stock has held up very nicely above the $100 mark, and even with the market’s sell off once again today the stock continues to hold firm closing at $103.86. But is this stock really ready for a move back towards $115? Let’s check out the chart and condut some technical analysis:
What I think is worth noting here is first off the resistance the stock has had when coming up against the 20 day moving average. This is our current barrier and needs to be broken first before any move can begin. The MACD is showing oversold, and this is bullish for the stock as an uptrend could be in store next. Lastly, there has been some good volume as the stock has gained its footing at just above $100. This all points to a potential move which could start this week if the stock doesn’t break down beforehand. I would consider some shares with a high volume break above $106, with stops around $99.
