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Verizon Communications Inc.: Murrey Analysis

12/12/2022 3:04 PM

Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are moving within a long-term downtrend, however, over the past month and a half, they have been making attempts to correct upward: the price reversed around the turning point of 34.38 ([–2/8]) and is trying to return to Murrey's main trading range, having consolidated above its lower border 37.50 ([0/8]). So far, this has not been successful since the quotes cannot overcome the key “bullish” level of 39.06 ([1/8]), which will give the prospect of further growth to 40.62 ([2/8]) and further to the central level of the trading range 43.75 ([ 4/8]). The resumption of the downward movement will be possible if the trading instrument consolidates below 34.38 ([–2/8]) with the target at 31.25 ([2/8] for W1).

Technical indicators do not give a single signal: Bollinger bands are horizontal, Stochastic is reversing upwards near the oversold zone but the MACD histogram has moved into the negative zone.

Resistance levels: 39.06, 40.62, 43.75. | Support levels: 34.38, 31.25.

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