Keep an eye on Mastercard (SYM: MA), as a quick dip-and-rip trade.
Sitting at double-bottom support, MA is just starting to pivot higher again. From its last traded price of $450.43, we’d like to see it retest $465 near-term.
Eventually, we’d like to see it retest $480.
Analysts at Piper Sandler just initiated an overweight rating on MA. The firm cited MA’s “scale, hard-to-replicate networks, and fintech ecosystem partnerships, all tied to sustainable secular growth within digital payments.”
Plus, more Americans are heavily dependent on credit cards these days. In fact, as noted by Fox Business, “35% of Americans said they have maxed out their credit cards in recent years. Of those who had maxed out their credit cards, 85% said they were pushed to use their cards to the limit because of price increases from inflation.”
