MASTERCARD Short-term pull-back has begun

2 Apr

Last time (August 23 2023, see chart below) we looked at Mastercard (MA) the 1D MA50 (blue trend-line) gave us a solid buy opportunity, which easily hit our 415.00 Target:

The price is now starting to pull-back after marginally breaking the top (Higher Highs trend-line) of the 1.5 year Channel Up (blue). It already broke below the medium-term (dotted) Channel Up and is headed towards the 1D MA50 (blue trend-line).

With the 1D RSI already on Lower Highs (i.e. a Bearish Divergence against the stock's Higher Highs), we believe this is an early Sell Signal on the short-term. The March 13 2023 Target was the 0.382 Fibonacci retracement level, so we are currently aiming for $440.00.


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