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Visa riding the higher retail sales wave

Authored by ZanderVanDerMerwe
18.10.2021
Market Overview
0
2 min

No major economic news events are coming out for the week, a lot of the focus will shift to the micro drivers as the conference in focus for the week will be the hybrid Advertising Week happening in New York City. Companies that will be in focus would be Amazon, Facebook, Google, Pinterest and Twitter. 

Friday’s movers:

Stocks to watch:

Visa Inc (V)

Visa’s previous quarterly report showed some good potential for a continuation as it beat revenue and earnings expectations, with the third quarter’s earnings due to be released next week the chart is primed for a breakout to continue to the upside.

Last week saw Retail Sales beat forecast indicating that spending habits are on the rise, a good indication for a digital transaction company that spending habits might be changing as the United States Economy recovers from the global COVID pandemic.

From a technical standpoint, it held the rising trend line very well failing to break to make a consecutive low as the trendline was held with a strong rejection, the failure to hold below the 200-day moving average is significant suggesting that there will be some more upward momentum. We may see a strong rally given a daily close above $234 to make new highs, with earnings due to come out next week it does seem to be lining up well for a positive earnings report.

Authored by ZanderVanDerMerwe
18.10.2021
Market Overview
0
2 min
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