Market Snapshots

MasterCard Wave Analysis 26 February, 2021

MasterCard Wave Analysis 26 February, 2021

• MasterCard reversed from major resistance area

• Likely to fall to support level 350.00

MasterCard recently reversed down from the major resistance area located between the multi-month resistance level 366.30 (which stopped the sharp uptrend in August of 2020) and the upper daily Bollinger band.

The downward reversal from this resistance area created the daily candlesticks reversal pattern Bearish Engulfing.

Given the strength of the aforementioned resistance area – MasterCard is likely to fall down further further toward the next support level 350.00.

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