VERIZON COMMUNICATIONS INC.: MURREY ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 39.05 |
| Take Profit | 37.50, 35.94 |
| Stop Loss | 40.00 |
| Key Levels | 35.94, 37.50, 39.06, 40.62, 42.19, 43.75 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 40.65 |
| Take Profit | 42.19, 43.75 |
| Stop Loss | 39.65 |
| Key Levels | 35.94, 37.50, 39.06, 40.62, 42.19, 43.75 |
Current trend
Shares of Verizon Communications Inc., one of the largest American telecommunications companies, have been adjusting to a medium-term uptrend for the second month in a row: the price reversed around at 42.97 (Murrey level [7/8]), moved into the negative part of the Murrey trading range and is currently actively testing the reversal mark of 39.06 (Murrey level [2/8]), consolidation below which wil allow the quotes to continue the decline to 37.50 (Murrey level [0/8]) and 35.94 (Murrey level [-2/8]).
The key for the "bulls" is the central level of the trading range at 40.62 (Murrey level [4/8]), at the breakout of which upward dynamics can develop towards the targets of 42.19 (Murrey level [6/8]) and 43.75 (Murrey level [0/8]), but this scenario is less likely.
Technical indicators confirm a continuation of the decline: Bollinger Bands are directed downwards, MACD is stable in the negative zone, and Stochastic is reversing from the oversold zone, which does not exclude growth, but its potential is limited.
Support and resistance
Resistance levels: 40.62, 42.19, 43.75.
Support levels: 39.06, 37.50, 35.94.
Trading tips
Short positions should be opened below the level of 39.06 with targets of 37.50, 35.94 and stop-loss around 40.00. Implementation period: 5–7 days.
Long positions can be opened above the 40.62 mark with targets of 42.19, 43.75 and stop-loss of 39.65.
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