Mastercard Inc. (NYSE:MA) saw mounting social interest on the back of positive stock market news. According to an announcement on Monday, Mastercard launched a cloud-based analytics platform.
Also known as the Global Treasury Intelligence, the platform strengthens the financial strategies of companies. Entities can prioritise tasks such as cash management, social and governance, and risk assessment. The platform also integrates third-party data, allowing firms to have a view across lines of business, including supplies.
Amid the positive news, Mastercard showed little reaction, sliding by 0.78% on the day. The stock has now lost more than 14% in the month due to growing recession risks. The declines also underline the weak sentiment that has gripped markets since last week’s robust job numbers. Investors have exercised caution as the US prepares to announce the inflation for September this week.
Mastercard trades below $310 support, the lowest in the year
Source – TradingView
On the weekly chart, Mastercard lost grip of the $310 support. At $291, the stock is bearish after slightly recovering from the yearly low of $283.
A bearish pin bar has formed below the support after the recent price recoveries. The pin bar suggests that bears have rejected a further upside after the retracement.
On the RSI reading, Mastercard is recovering from a near-oversold level. There are still more sellers of the stock as the RSI remains below the midpoint.
Which was for Mastercard
Mastercard is a sell as the price moves to a bearish market following a break below $310. A bearish pin bar formed at the support-now-turned resistance confirming a further downside. The stock could proceed lower to find the next support at $265.
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