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Verizon Communications Inc., Technical Analysis

1/25/2023 10:03 AM

Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are trading at 40.00.

On the daily chart, the price is correcting within an uptrend, moving away from the support line of the local ascending corridor with dynamic boundaries 44.00–39.00.

On the four-hour chart, the tested support line is at 38.70. Although the quotes have slightly retreated from it, a decrease in the further potential of the downward dynamics is not guaranteed, and most markers indicate a continuation of the decline, the main of which is the transformation of the ascending channel into a Flag trend continuation pattern.

Technical indicators are actively weakening the buy signal: fast EMAs on the Alligator indicator have crossed and are approaching the signal line, while the AO histogram is forming downward bars.

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