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Watch for Shares of Visa (V) to Approach Support at $156.35

Published on Mon, 02/04/2013 - 13:43
By Adrienne Chilton

Shares of Visa (NYSE:V) opened today below their pivot of $158.47 and have already reached the first level of support at $157.45. Analysts will be watching for a cross of the next downside pivot targets of $156.35 and $154.23.

Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

Potential upside of 5.6% exists for Visa, based on a current level of $157.04 and analysts' average consensus price target of $165.91. The stock should discover initial support at its 50-day moving average (MA) of $153.07 and subsequent support at its 200-day MA of $134.21.

Over the past year, Visa has traded in a range of $106.06 to $162.77 and is now at $157.04, 48% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.0%.

By Adrienne Chilton