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Visa Inc.’s stock is currently trading at 166.27-higher by 0.31% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.28%. The stock has cut all of its losses and turned positive after the opening bell.
The financial services giant said on the prior day that its transaction volumes had been hit as the China-linked virus pandemic wreaks havoc on consumer spending. Visa also forecast mid-single-digit percentage revenue growth for the second quarter. The financial services giant said that due to lockdown in many countries, spending on entertainment, travel, restaurants, and fuel has sharply fallen week on week.
Visa said that transaction volumes dropped in the second half of March. SunTrust RH lowered its price target on shares of the financial services giant to $190 from $230. The company in late January reported fiscal Q1 profit that met market expectations but missed slightly on revenue. Stocks of Visa have fallen about 12% Year-to-date.
On the technical front, the RSI is currently at 47.81% and suggests that the market can continue trading sideways. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 165.60 TAKE PROFIT AT 168.20 STOP LOSS AT 164.30