Mastercard Update

Mastercard Daily Chart.Mastercard Daily Chart.

Consumer spending stocks are doing well on the heels of a new stimulus bill. Visa (NYSE:V) setting up for an upside breakout. Mastercard (NYSE:MA) looking good as well. MA has been consolidating in a narrow range since the huge Nov. 9 upside gap (+10%). With today’s 2.7% gain the stock is heading for its best December close. The 50-day is back in a supportive position. MA is far from overbought(daily MACD). A close back below $325 would violate the December lows sending a clear warning sign that the current consolidation pattern will need more time.

Note: We have no position.

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

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