Tuesday, May 28, 2024

Mastercard (MA) Continues Bullish Momentum, Anticipates Further Rally

Mastercard Incorporated (MA), a global leader in transaction processing and payment-related services, continues its upward trajectory amid a bullish market sentiment. With its headquarters in New York, MA caters to a diverse clientele ranging from individual account holders to large corporations and governments, offering an array of payment solutions and value-added services.

Building on its recent surge, MA broke through to new highs in its weekly sequence, reinforcing investor confidence in its growth potential. Following a meticulous Elliott Wave analysis, the company’s stock is poised for sustained upward movement, supported by a robust technical outlook. Having completed corrective phases in the past, including a double three structure, MA now eyes further gains as it advances within the Elliott Wave framework.

Previously, MA concluded its corrective phase, labeled (II), establishing key support levels before embarking on its current bullish momentum. With an impressive rally from its April 2021 lows to $401.50, MA demonstrated a clear impulse sequence. Subsequent corrective waves, marked as w, x, and y within (II), further solidified its foundation, culminating in a breakout above previous highs.

Analyzing MA’s Elliott Wave view from 7.03.2023, the stock displayed resilience during pullbacks, with well-defined support levels at strategic Fibonacci extensions. Recent price action suggests the completion of wave (4) near $452.58, setting the stage for a potential surge in wave (5) of ((3)). Targeting the $499.4 – $514 range, MA anticipates completing wave ((3)) of its larger impulse sequence, reinforcing its bullish trajectory.

Investors eyeing entry points should monitor pullbacks, particularly in 3, 7, or 11 swings, leveraging extreme areas for optimal buying opportunities. While a breach below $452.58 could trigger a deeper correction, the overall technical outlook remains bullish, aligning with market expectations for Mastercard’s continued rally in the foreseeable future.

Related Articles

Latest Articles

Most Popular