Mastercard: Another Triangle in Big Tech
Sometimes people forget that the credit-card companies are members of the technology sector, but they are. We’ve already covered the bullish triangles in other tech names like Microsoft and Salesforce.com. And now Mastercard is showing a similar pattern.
MA has faced resistance around $282, which closely matches its 200-day simple moving average (SMA). Meanwhile it’s made steadily higher lows, forming an almost perfect ascending triangle.
The other interesting thing about MA is that it’s so clearly tied to consumer spending and the economy. That could make it a logical go-to stock for institutional investors as the coronavirus lockdowns end. It’s also a liquid options underlier, averaging more than 30,000 options contracts per session.
Looking at the weekly chart, we see MA has formed two inside weeks in a row. Combined with the April monthly high and the 200-day SMA, there’s a lot of importance in the $282-285 area. This creates the potential for buyers to get more active if it starts to break through this zone.
This is one to watch as the global economy reopens.
MA has faced resistance around $282, which closely matches its 200-day simple moving average (SMA). Meanwhile it’s made steadily higher lows, forming an almost perfect ascending triangle.
The other interesting thing about MA is that it’s so clearly tied to consumer spending and the economy. That could make it a logical go-to stock for institutional investors as the coronavirus lockdowns end. It’s also a liquid options underlier, averaging more than 30,000 options contracts per session.
Looking at the weekly chart, we see MA has formed two inside weeks in a row. Combined with the April monthly high and the 200-day SMA, there’s a lot of importance in the $282-285 area. This creates the potential for buyers to get more active if it starts to break through this zone.
This is one to watch as the global economy reopens.
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