Payment systems had a fabulous year last year and the shape of the charts has been pretty good this year. Visa (V) looks great here.Visa just keeps banging its head on the the $125 level. The SCTR has started to push up in the last few days. The Relative Strength line has hit new 52-week highs suggesting more upside. With the 50 period moving average trying to support the stock, I would keep $120 as a stop.
There are some opportunities being shown after this recent dip. Believe it or not, Energy had some nice moves in individual names today.
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There is a major coordination of big trend lines on many of the charts. If you would like to watch a few videos about them, you can use these video links below.
Greg Schnell, CMT, MFTA.