Solid News

Verizon Communications Inc., Technical Analysis

9/21/2022 11:26 AM

Shares of Verizon Communications Inc., one of the largest US telecommunications companies, show a downward trend, trading near 41.00.

On the daily chart of the asset, the price is falling within the local downwards channel with dynamic boundaries of 40.00–50.00, having renewed the year's low at 40.70 yesterday.

The four-hour chart shows that the potential for a downward movement remains high, and the Bullish divergence signal that has been forming for a long time is postponed, so the global low has been renewed. The key support is 40.00; after its breakdown, the quotes may reach 38.00.

Technical indicators confirm the decline: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram forms downward bars in the sell zone.

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