Current trend

Shares of Verizon Communications Inc., one of the largest American telecommunications companies, have been forming an ascending channel for the fourth month. Last week, the quotes retested its upper limit but could not consolidate above it and corrected to the pivot level of 41.41 (Murrey level [6/8]), supported by the middle line of Bollinger Bands. After consolidation below, a decline to the area of ​​40.62 (Murrey level [4/8]) and 39.84 (Murrey level [2/8]) may follow. In case of a breakout of the upper border of the main Murrey trading range 42.19 (Murrey level [8/8]), an exit from the ascending channel and continuation of growth to the area of ​​42.97 (Murrey level [ 2/8]) and 43.75 (Murrey level [8/8], W1) are likely.

Technical indicators do not give a single signal: Bollinger bands are directed upwards, and the MACD histogram is stable in the positive zone, confirming the upward trend in the market. Stochastic is reversing downwards from the overbought zone, allowing a downward correction.

Support and resistance

Resistance levels: 42.19. 42.97, 43.75.

Support levels: 41.41, 40.62, 39.84.

Trading tips

Long positions may be opened above 42.19, with the targets at 42.97, 43.75, and stop loss 41.70. Implementation period: 5–7 days.

Short positions may be opened below 41.41, with the targets at 40.62, 39.84, and stop loss 42.00.