MA Stock Reversing Down From 52-Week High?
Mastercard Inc. MA stock price reversed and fell approximately 4% from its 52-week high. It struggled a lot to break the $418.00 hurdle but the attempt failed and the price witnessed profit booking.
Mastercard stock price is trading above the 50-day and 200-day EMA showcase the trend is in an upward direction.
However, in the recent sell-off, the bears are trying to drag the price below the 50-day EMA. If they succeed, then the short-term trend might reverse downward.
In mid-August, the MA stock price broke out of the $400.00 hurdle with a strong buying volume. It triggered positive sentiment and boosted the confidence of long-term investors. However, the momentum halted near $418.00 and the price entered into consolidation.
Mastercard stock price looks mildly overstretched. So, the short-term retracement is healthy for better price discovery.
Meanwhile, the broader market indices Dow Jones, Nasdaq 100, and S&P 500 are turning mild bearish. It might disturb the market sentiments which may negatively impact the MA stock.
Will Mastercard Inc. (MA) Stock Hold $400 Support?
Mastercard Inc. MA stock price showed initial signs of bearish trend reversal. But the confirmation of the trend reversal will come when the price drops below $386.00 support.
Mastercard stock price closed the previous session at $403.36 with an intraday decline of -1.74%. The market capitalization stands at $380.05 Billion.
Till the MA stock price sustains above the $386.00 level, the price is expected to remain in the bulls’ grip. At present, sellers look active so a $400.00 breakdown may come but buyers will try their best to rebound from support.
Mastercard Stock Price Analysis
Mastercard stock price formed a bearish candle on a weekly time frame. It shows that sellers are getting active and buyers are stepping back.
Previously, MA stock prices had rallied a lot and generated a decent return for long-term investors. So, short-term buyers might have booked their profit.
The MACD curve reversed down and generated a negative crossover. The histogram bar is also turning red which showcases bearishness. The RSI at 43 denotes weakness and sellers are strengthening their grip.
Conclusion
Mastercard Inc. MA stock fell approximately 4% after hitting the 52-week high at $418.60. The stock witnessed profit booking and $400.00 is now at risk.
The analysis suggests Mastercard stock is mildly bearish for the short term so the possibility of a $400.00 breakdown is high.
Technical levels
- Resistance levels: $410.00 and $418.00
- Support levels: $386.00 and $365.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
