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Verizon Communications Inc., Technical Analysis

12/5/2022 10:10 AM

Shares of Verizon Communications Inc., one of the largest US telecommunications companies, are trading at 38.00.

On the daily chart, the price is trying to break the initial 23.6% Fibonacci retracement at 39.10, marking the beginning of a full-fledged upward movement.

On a four-hour timeframe, the current local growth is developing within a narrow upward channel with dynamic boundaries of 40.00–38.00 and is more reminiscent of the Flag trend continuation pattern, which makes the downside scenario more likely, and the key support for quotes is 37.50.

Technical indicators are in a buy signal but ready for a reversal: fast EMAs on the Alligator indicator have almost reached the signal line, and the AO oscillator histogram has started forming downward bars.

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