VERIZON COMMUNICATIONS INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 38.70 |
| Take Profit | 36.40 |
| Stop Loss | 39.50 |
| Key Levels | 36.40, 38.70, 39.20, 39.40, 40.00, 40.20, 42.60 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 40.20 |
| Take Profit | 42.60 |
| Stop Loss | 39.50 |
| Key Levels | 36.40, 38.70, 39.20, 39.40, 40.00, 40.20, 42.60 |
Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are trading at 40.00.
On the daily chart, the price is moving in a corrective trend, having left the limits of the global ascending channel with dynamic boundaries of 42.60–40.00.
On the four-hour chart, after breaking through the channel support line 40.20, the quotes decline, closing the price gap of 40.90–39.20. The asset began to work out the Head and shoulders reversal pattern with the Neckline of 39.40, and consolidation below allows it to continue its downward dynamics to 36.00.
Technical indicators maintain a poor sell signal: fast EMA on the Alligator indicator are moving away from the signal line, and the AO histogram is forming downward bars.
Trading tips
Short positions may be opened after the price declines and consolidates below 38.70, with the target at 36.40. Stop loss – 39.50. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 40.20, with the target at 42.60. Stop loss – 39.50.
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