Visa is setting up well for a fresh rally leg. The stock is up just shy of 2% today as shares head for their best close since June 10th. V reached its rebound highs that day before entering a healthy consolidation. This bull pennant allowed the stock to work off its overbought reading without giving up much ground. With solid footing underneath near the June/July lows Visa could make quite a run. A key hurdle in the near term is the $202.00 area(June high). On the downside, a close back below $190.00 would indicate more sideways action is ahead before Visa is ready to retest the all time highs($214.00).
Earnings are due July 28(PM).
We are long Visa in our Tactical Opportunity Portfolio.