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Asset Watch
Wednesday, February 1, 2023
Yet, while the fundamentals are headed in the right direction, patience may be warranted in the weeks ahead.
Visa’s 20-day moving average has largely acted as support and resistance since July. And interestingly, the last two times the credit card giant ran away from its 20-day MA alongside high RSIs, pullbacks followed, and reconnections occurred.
The grey arrows and black circles show how overbought conditions often elicit short-term reversals, and the current RSI of 75 is like the 74 from October. Back then, Visa suffered a peak-to-trough pullback of 8.6% before the uptrend continued. Similarly, a lower RSI of 66 in August ended with a peak-to-trough pullback of 7.7% before another short-term rally followed.
As a result, is the third time a charm, or will the upward momentum continue in February?
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