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Visa Inc. Market Update

11/17/2022 3:38 PM

The shares of Visa Inc., the largest US multinational company providing payment services, are correcting around 210.00.

The issuer has yet to assess possible reputational losses after the bankruptcy of the FTX cryptocurrency exchange, with which management signed an agreement a month ago to issue debit cards with support in 40 countries around the world. Now it is unknown at what stage the project was implemented and the volume of its financing, but the situation dealt a huge blow to the entire sector of the crypto industry, into which leading payment services are actively trying to integrate. FTX representatives announced a balance sheet deficit of more than 10.0B dollars earlier.

In turn, the financial report of Visa Inc. recorded an increase in revenue to 7.79B dollars from 7.28B dollars a quarter earlier, while earnings per share amounted to 1.93 dollars, exceeding analysts' forecasts of 1.87 dollars.

On the daily chart, quotes are held within the global downward channel, preparing to break the resistance line.

A stable buy signal from technical indicators continues to operate: the range of fluctuations of the EMA on the Alligator indicator expands upwards, and the histogram of the AO oscillator, trading in the positive zone, forms new upward bars.

Support levels: 203.50, 192.00. | Resistance levels: 213.00, 228.00.

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