Visa Inc. (V stock): Price Gains Bullish Momentum After Results

• The V stock price is trading at $238.99 while witnessing a gain of 0.10% during the intraday session.
• The year-to-date return of Visa stock price is 14.20% and the three-month return is 4.66%.
• Visa Inc. announced its Q2-2023 financial results on July 25.

Visa Inc. is a San Francisco (U.S.) based multinational financial services company that focuses on digital payment solutions for people, businesses, financial institutions, governments, and merchants. It facilitates electronic funds transfers through Visa-branded credit cards, debit cards, prepaid cards, and other payment products. It is one of the world’s most valuable companies which is listed on the NYSE (New York Stock Exchange) with the ticker symbol V.

Since the start of 2023 the V stock price has been on an upward trajectory from an annual low at $206.16 it had witnessed high fluctuation of ups & downs in the price action. Apart from observing some lows in the month of March and June, it has been consistently moving in a bullish trend. 

This bullish dominance got a stronghold in mid-July when the Visa stock price reached the annual high at $245.37 but was halted there with a resistance level. 

Then the price took a swing downtrend and halted at the $227.68 support level on July 26, 2023. 

However, from there the V stock price has observed a whopping 6% hike in just 8 days. Now the price is trading at $238.99 with a gain of 0.10% in the intraday session. And there is a high probability that the price will rise further. 

Q2-2023 Financial Result of Visa Inc.

Visa Inc. announced its 2nd quarter earnings and revenue report on July 25, 2023, where the earning per share (EPS) reported $2.16 while the estimated EPS forecast was $2.15. As a result, the reported EPS surpasses the estimated forecast by $0.045.

Furthermore, a similar scenario was witnessed in the revenue report which is $8.123 Billion and the estimated forecast was $8.064 Billion. Hence, it reflects a surprise of $59.07 Million.

Technical Analysis for Visa Inc.

The bands of Bollinger have contracted indicating low volatility in the market. If the next candle can break the last candle’s high there is a high probability that the price might retest the $240 mark. 

The V stock price is currently trading above the 20, 50, 100, and 200-day EMA, indicating strength in the market. However, it reflects the heavy participation of buyers in the market.

The Relative Strength Index (RSI) trades at 54.33; RSI denotes the strength in the market during the intraday session. However, The current market capitalization of Visa stock price is $487.19 Billion, with an average volume of 5.80 Million shares.

Conclusion

On August 1, 2023, the CEO of Visa Inc. Ryan Mclnerney sold 8,150 shares of Visa for $1.956 Million. However, Mclnerney holds a total of 183,912 shares of the company. This week Visa Inc. posted strong earnings, as consumers increased their expenses in travel and leisure activities. Visa Inc accounted for a 17% rise in transactions over the year. Hence, investors should look at buying opportunities as the indicators reflect the same.