VERIZON COMMUNICATIONS INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 39.10 |
| Take Profit | 37.20 |
| Stop Loss | 40.00 |
| Key Levels | 37.00, 37.20, 39.20, 40.00, 40.50, 40.60, 43.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 40.50 |
| Take Profit | 42.60 |
| Stop Loss | 39.50 |
| Key Levels | 37.00, 37.20, 39.20, 40.00, 40.50, 40.60, 43.00 |
Shares of Verizon Communications Inc., one of the largest American telecommunications companies, are trading near the 40.00 level.
On the daily chart, the price completed a reverse test of the passed ascending channel with dynamic boundaries of 43.00–40.00 and started a corrective trend.
On the four-hour chart, after a reversal from the channel support line of 40.60, the quotes are declining, reaching the key trend low of 39.20, after consolidating below which the rate of decline will increase, and the global target will be 37.00.
Technical indicators have issued a sell signal: fast EMA on the Alligator indicator are moving away from the signal line, and the AO histogram is forming downward bars, falling below the transition level.
Trading tips
Short positions may be opened after the price declines and consolidates below 39.10, with the target at 37.20. Stop loss – 40.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 40.50, with the target at 42.60. Stop loss – 39.50.
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