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| Gator's Chart of the Day: V |
I ran the "constructive consolidation" scan that I picked up at the Worden seminar in Atlanta earlier this month and look what popped to the top of the S&P-500 list. Visa has been building what some would call a high base and the Bollinger bands have constricted to just 3.8% of the 20 day simple moving average. Volume has been increasing for the last 5 sessions and yesterday it traded above the upper band before closing just barely inside. (I know you can't see that but trust me it's 12 cents inside.)
While the 50 day would be a nice buy point the price hasn't touched it in months. It looks a bit extended but it really isn't. The 50 is less than 8% below yesterday's closing price. Barring some nasty news it looks like a right here right now moment.
