MASTERCARD short-term weakness is a buy opportunity. Target $515Mastercard (MA) gave us an excellent sell signal on our last call (April 02, see chart below), reaching our exact Target ($440.00) before turning sideways and reach this way a Higher Low:
That Higher Low was a bottom on the 2-year Channel Up pattern that has been dominating the long-term price action of the stock. As you can see it hit the 1D MA200 (orange trend-line) and the 0.382 Fibonacci retracement level and has rebounded since, which is similar to the March 16 2023 Low.
The similarities are evident on this chart between the Bullish and Bearish Legs of the Channel Up and the Sine Waves help at giving us a sense of Highs and Lows. The 1D RSI sequences between the two main fractals are also similar and this shows that probably we are at a similar symmetrical level as on July 14 2023.
As a result, we expect a short-term pull-back towards the 1D MA50 (blue trend-line) and then final rally towards the elections for a Higher High around $515.00, which will be just below the -0.236 Fibonacci extension (similar to the September 14 2023 High). Then we expect the stock to yet again seek the bottom of the Channel Up near the 1W MA100 (red trend-line) at $460.00.
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