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- 1 Mastercard stock price closed at $373.33, while witnessing an increase of +0.77% during the last intraday session.
- 2 MA price trades above 20,50,100 and 200-day EMAs on a weekly basis.
- 3 The year-to-date increase in Mastercard price is 6.79% while SPY YTD return is 10.73%.
MA stock price has been in bullish momentum since the month of March forming higher lows, rising from the low of $340.21. The price entered 2023 with a bullish rally but received heavy rejection from $390 level. On a daily basis, however, the MA price is stuck in a wide consolidation zone ranging between $340 and $390.
Recently, the uptrend that started in March was halted as soon as the price attempted to break out of the consolidation zone. MA price did close above the consolidation zone, but by that time, the bears had already jumped into the market. The breakout move turned out to be fake, causing the bears to push the price back into consolidation zone.
Currently, Mastercard stock price has formed a support at $364 level after receiving rejection from the 200-day EMA. The immediate resistance level resides at $376.50 level. If bulls can push the price above the immediate resistance level, there is a high probability that prices might head toward the major resistance level of $392. While on the other hand, if the bears shatter the recent support of $364, there is a possibility that the price might head towards support level which resides at $350 level.
MasterCard Strategic Partnership with Dapi
Dapi, a global fintech company based out of UAE and part of Hub71’s Global Tech Ecosystem, aims to introduce account to account (A2A) payments on Mastercard Payment Gateway Services.
The collaboration will harness Dapi’s expertise in open banking and Mastercard’s extensive payment options to provide businesses in the UAE with a secure and streamlined A2A payment solution within the MPGS ecosystem. However, the collaborating companies have not announced the official date for the A2A payment system.
Will MA Price Retest the Highs of $392 Level?
The Chaikin money flow score is 0.28 indicating a prevailing bullish strength in the market. The relative strength index trades at 48.80 suggesting that the price is in neutral territory and is facing the same pressure from bulls as well as bears.
Eventually, Mastercard price reached the lower band of bollinger and gained bullish momentum and is currently headed towards the upper band of bollinger which resides near the $392 resistance level. The first target for the MA stock price is to rise above the 20-day SMA for reaching the upper band.
Conclusion
The market structure and price action is bullish for Mastercard INC, although some of the technical indicators are showing a decrease in the bullish momentum.
The partnership between Dapi and Mastercard is a big step for their growth in the UAE. The first step for the Mastercard stock price retest is to shatter the resistance level of $392.
Technical Levels
Major support: $364 and $350
Major resistance: $376.50 and $392
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
