Shares of Visa (V) - Get Report are testing a key level today. The stock is bumping up against a very heavy resistance zone that has held the upside in check since late January. If Visa bulls can power the stock past the $75 aream a fresh rally leg could quickly begin.

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Visa first stalled just below $75 following a huge post-earnings upside reversal on Jan. 29. The stock ended that day with a 7.4% jump on extremely heavy trade after putting in fresh lows for the month. Despite this powerful ramp, Visa was unable to make further headway as February began. The stock fell below the January lows early last month after leaving behind back-to-back weekly highs near $74.75. As March opened, Visa had recovered all the of the February losses and was once again challenging the $75 area. Earlier this month, the stock faded again, but this time the result was a higher monthly low as the overhead supply weakened.

Visa has been climbing steadily since the Jan. 10 low. Last week shares regained the 200-day moving average as a rebound strengthened. Today the stock is extending the recent gains and is poised for a breakout as heavy resistance near the February and early March highs is showing signs of vulnerability.

In the near term, Visa bulls should consider the stock a buy between $74.50 and $75. If the stock can put some distance on this area during the remainder of the week, a very solid floor will be put in place. On the downside, a close back below last week's low of $72.75 would indicate that more work needs to be done before a new rally leg can take hold.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.