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VERIZON COMMUNICATIONS INC.: MURREY ANALYSIS

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VERIZON COMMUNICATIONS INC.: MURREY ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY STOP
Entry Point41.85
Take Profit42.19, 42.58, 42.97
Stop Loss41.50
Key Levels39.84, 40.62, 41.80, 42.19, 42.58, 42.97
Alternative scenario
RecommendationSELL STOP
Entry Point40.60
Take Profit39.84
Stop Loss41.00
Key Levels39.84, 40.62, 41.80, 42.19, 42.58, 42.97

Current trend

Shares of Verizon Communications Inc., one of the largest American telecommunications companies, are trading within a long-term ascending channel: at the beginning of last month, the price reached its lower limit near 39.84 (Murrey level [2/8]), from which it resumed growth.

Currently, the price has returned to the positive part of the Murrey trading range and is testing the 41.80 mark (Murrey level [7/8]), consolidating above which will allow quotes to continue growing towards the targets of 42.19 (Murrey level [8/8]), 42.58 (Murrey level [ 1/8]), 42.97 (Murrey level [ 2/8]). The key for the "bears" is the central mark of the Murrey trading range at 40.62 (Murrey level [4/8]) below the central line of Bollinger Bands, the breakdown of which will ensure the return of the trading instrument to the target of 39.84 (Murrey level [2/8]), but so far this scenario seems less likely.

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are directed upwards, MACD is increasing in the positive zone, and Stochastic has reversed down, which does not exclude a corrective decline, but its potential is seen to be limited.

Support and resistance

Resistance levels: 41.80, 42.19, 42.58, 42.97.

Support levels: 40.62, 39.84.

VERIZON COMMUNICATIONS INC.: MURREY ANALYSIS

Trading tips

Long positions can be opened above 41.80 with targets of 42.19, 42.58, 42.97 and a stop-loss around 41.50. Implementation period: 5–7 days.

Short positions should be opened below the 40.62 mark with a target of 39.84 and a stop-loss around 41.00.


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