Mastercard Moving Well

Shares of Mastercard Inc (NYSE:MA) have been hemmed in by its 50-day moving average since early May. With today’s 2.2% gain, the stock is beginning to put some distance on this key indicator. MA is setting up well for a retest of the 2021/ATH’s ($401.50).

Tidbits: MA is working on its fifth straight higher monthly low. The stock has so far spent all of June trading inside the May range. Upside trade last week was quite heavy, three of the five days saw above average positive volume. Despite trading within 7% of the April highs MA is far from overbought (daily/MACD is below neutral). On the downside, a close back below $360 would violate last week’s lows, sending a clear warning sign of more consolidation ahead.

You can read Gary S. Morrow’s original post here.

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