2021-10-25 • Updated
Mastercard may present a very worthy opportunity to buy. Why not buying right now? Because we don’t know yet if the plunge has finished or not. That’s what they call “catching falling knives” – let’s not do that.
What we need to do is wait. We see that this stock lost approximately 10% of its value falling from 357 to 327. Very possible, it will reverse around this level as 324 (meaning, the area around it) has been serving as support since November and saw the price bounce off it several times.
However, the plunge we see here is quite strong. We have to factor in the probability that the price may penetrate the support of 324 and dive into the channel 314-324. Very possibly, it will reverse over there; if it doesn’t – we only have the support of 287 left since Summer 2020. So far, there is little visible evidence to assume that bears may go that far but it’s better to be safe than sorry.
That’s why your plan is to wait and watch for reversals. Don’t look for signs of reversal – wait for an actual reversal. After that – buy. While you hold it, it’s advisable that you keep it until it reaches 357. From 324 to 357 it’s approximately 10% - a pretty good catch, in potential.
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Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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