Visa ( V ) Analysis 10/23/08 - Visa Technical Analysis

The following is technical analysis for Visa ( V ) stock for 10/23/08.

Visa ( V ) Technical Analysis:

Visa continues to be weak as we go into this recession period....V has failed to close above its 10 day moving average for awhile now. Support is at $47.50 and if that doesn't hold you could test $45 and below. I am waiting for a new low tag to form before I get long this stock. There is resistance in the low $50's up until $56......then its smooth sailing until $62.

If you are looking to take a long position...rather then trying to catch the bottom...buy V when it breaks through the highs of the day after 9:45am est, then set a stop for that high of the day. Usually when stocks break the HOD, it is for a good reason, there is buy interest. To many traders get caught trying to buy on dips only for the stock to trade lower......by the time it comes back to where you bought the stock at you are more inclined to sell into the strength, missing the move higher.