MA: Expanding triangle formation with MACD divergenceWith every slowing economy comes the surge in credit cards charge-offs and MA is one of the most richly valued companies which I have looked at. Price action has been knocking around a bearish expanding triangle and held in check by the 240M 200-periods moving average with a negative MACD divergence. Not sure if I am early to the punch but downside potential is around the $1600 region which implies -c.17% downside.
1MA trade ideas
MasterCard will slip off..3rd Head and Shoulders forming for MA and will surely come down hard to 180 target and might retest lows of 175s again. Credit section will fall this year and looking at financial banks to be caught on the slowdown since the economy will plateau and cause panic for financial markets. Next on my list is JPM and V stay tuned!
MA Long on Short-TermBuy Limit 208.00
Stop Loss 198.00
Doji star with 2 gaps is formed at support line. It just reached 0.618 Fib retracement level.
Many NASDAQ stocks have similar formations, which means that the market is turning uptrend
S&P500, DJI and NASDAQ are at important support level.
RSI went down too quickly. It means an imminent up in price.
I will give a sell indication later.
Stay tuned for update
MA - Counterattack candle pattern, RSI positive reversal,...RSI shows positive reversal, stochastic is about to golden cross the signal line from oversold zone. Candles from today and yesterday form a counterattack pattern. July 30th and 31st candles form a tweezers bottom pattern (lower wicks will act as support, and can also be used as stop). All these indicate a bottom reversal.