Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are actively losing value, trading around 41.00.
On the daily chart, the price is falling within the local downwards channel with dynamic boundaries of 40.00–50.00, and for the first time since 2012, it may reach the support level at 40.00.
The four-hour chart shows that the potential for a downward movement is high, and the local channel support line will not be able to hold the quotes. However, in the event of a slowdown in the decline and a local reversal, traders should also consider the nearest local resistance. One of them is near the low of March 15 at 42.40, and the second is at the recent local high of 46.20, but so far, these targets look unlikely to be achieved.
At the moment, fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming downward bars in the sell zone.