VERIZON COMMUNICATIONS INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 41.30 |
| Take Profit | 43.00 |
| Stop Loss | 40.80 |
| Key Levels | 38.50, 39.80, 40.40, 40.80, 41.00, 41.30, 42.00, 43.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 40.40 |
| Take Profit | 38.50 |
| Stop Loss | 41.00 |
| Key Levels | 38.50, 39.80, 40.40, 40.80, 41.00, 41.30, 42.00, 43.00 |
Shares of Verizon Communications Inc., one of the largest American telecommunications companies, are moving in a corrective trend at 41.00.
On the daily chart, the price consolidates in the middle of the sideways channel with boundaries of 43.00–38.50.
On the four-hour chart, after the price gap of 41.40–39.80 has formed, the price may try to continue moving toward the channel resistance line of 43.00. The most likely scenario now is consolidation above the mid-July high of 42.00.
Technical indicators have given a new buy signal: fast EMA on the Alligator indicator are again moving away from the signal line after crossing it a week earlier, and the AO oscillator histogram continues to build correction bars, being below the transition level.
Trading tips
Long positions may be opened after the price consolidates above the resistance level of 41.30, with the target at 43.00. Stop loss – 40.80. Implementation period: 7 days or more.
Short positions may be opened after the price consolidates below the support level of 40.40, with the target at 38.50. Stop loss – 41.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.