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Verizon Communications Inc., Murrey Analysis

11/9/2022 2:56 PM

The shares of Verizon Communications Inc., one of the largest US telecommunications companies, are moving in a long-term downtrend, but for the third week in a row, they are trying to grow.

Currently, the quotes are testing 37.50 ([0/8]), trying to leave the pivot zone and return to the main Murrey trading range, and if successful, 40.62 ([2/8]) and 42.19 ([ 3/8]). The level of 34.38 ([–2/8]) remains the key “bearish” level, in case of a breakdown of which it will be possible to resume the decline to 31.25 ([2/8] for W1).

Technical indicators confirm the continuation of corrective growth: Bollinger bands reversed horizontally after a long-term decline, MACD decreased in the negative zone, and Stochastic reversed upwards.

Resistance levels: 37.50, 40.62, 42.19. | Support levels: 34.38, 31.25.

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