Visa Profits! – July 29, 2010

Visa Inc., one of the world’s largest credit and debit card processing company where you can pay using digital currency instead of cash and checks, posted a $716 million profit for the 2nd leg of this year. This American company’s earnings were boosted as consumer spending via credit cards increased. However, their stocks closed down 1.87% to $75.18 during yesterday’s trading session.

Chart-wise, Visa stocks (V as the ticker symbol in the New York Stock Exchange) aren’t in good condition as they are pointed downwards. If the stocks push further down it could encounter some support at the $70.00-71.00 area. If it breaks below those levels, the next support could be $68.29. On the upside, if the stocks manage to reverse its current situation and head up, it could hit the $77.00-78.00 resistance. Upon passing above that area, the next resistance could be $83.79.

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By: Al on July 29, 2010 at 9:49 am