Warnings of more losses for Mastercard shares, but ray of hope for bulls
MA•Mastercard shares have fallen about 8% from their August record close of $599.86, and technical indicators point to potential losses toward $500-$505. A rise above $557.20 and then $571-$572 could weaken the bearish outlook.
1. Bearish chart signals
Mastercard shares reached a record closing high of $599.86 on August 24 and later fell to an intraday low of $546.12 on Thursday, their weakest level since July 27. Bollinger Bands, MACD and the Relative Strength Index have pointed lower, while a head-and-shoulders pattern suggests potential declines to $540, $515 and then the $500-$505 area.
2. Possible bullish turn
A doji pattern appeared late Thursday, which can signal that investors are pausing after a decline. A rally above Thursday’s high of $557.20 could revive the bullish case, while a further rise above $571-$572 would change the bearish narrative, the article said.
