Current trend

Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are gaining value, trading as part of a medium-term upward trend, reaching an August 2022 high of 43.40 last week.

Currently, the price is correcting, and if it overcomes the central mark of the Murrey trading range of 40.62 (Murrey level [4/8]), it may leave the ascending channel and develop a decline to the area of 39.06 (Murrey level [2/8]) and 37.50 (Murrey level /8]). If the asset consolidates above the recently tested key “bullish” level of 42.97 (Murrey level [7/8]), the asset may grow to the area of 44.53 (Murrey level [ 1/8]) and 45.31 (Murrey level [ 2/8]).

Technical indicators confirm the continuation of the upward trend: Bollinger bands are turning upward, and the MACD histogram is stable in the positive zone. Stochastic reversed downwards, which does not exclude the development of a limited decline.

Support and resistance

Resistance levels: 42.97, 44.53, 45.31.

Support levels: 40.62, 39.06, 37.50.

Trading tips

Long positions may be opened above 42.97 or after a reversal at 40.62, with the targets at 44.53, 45.31 and stop losses at 42.30 and 40.00, respectively. Implementation time: 5–7 days.