Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are trading near 39.00.
On the daily chart, the price continues to correct to stay above the resistance line of the global downward channel with dynamic boundaries at 27.00–37.00.
The four-hour chart clearly shows that the current local growth has high prospects for continuation. However, the price needs to consolidate above the initial correction level of 23.6% Fibonacci around 40.00. If the quotes turn around and move downwards, a solid level at 37.70 will act as support.
Technical indicators have already given a buy signal: fast EMAs on the Alligator indicator are above the signal line and expand the swing range, while the AO oscillator histogram, having moved into the buy zone, continues to form new upward bars.