Tuesday, April 29, 2008

Update on Visa Inc. (NYSE:V)

do you have any newer info?

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I made a purchase of Visa Inc (NYSE: V) about a month ago, and since I am still holding it, I guess it's time to do an update and see where we are.

The above chart of Visa Inc. (NYSE: V) pretty much speaks for itself, and I don't have too much to say about it other than the fact that it looks pretty nice. Buyers are accumulating this stock. The stock is behaving exactly as I described. The 10d EMA average is trending up. The earnings beat delivered by MasterCard Incorporated (NYSE: MA) was equally as good for V. In fact, going forward, any analysis I do on Visa will automatically consider the state of the chart for MA as well.
Leadership was previously provided by GOOG, RIMM, and AAPL. Well, now add these two credit card giants to that privileged leadership list.

Tomorrow will be too early to buy some more NYSE:V. The above chart indicates that Apr. 17-18 was the best time to buy (stock bounced back up to alleviate oversold conditions, and broke above short term resistance). Support levels are at $72.6, and possibly at $75 as well.
I have a hunch that the fund managers are waiting for the next pullback below $75 or any test of the 10d EMA to make their next purchase, so that is where I will be making my next purchase as well. If I do make another purchase of NYSE:V, I will post the trade in (almost) real-time on jaiku.

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