Current trend

Shares of Verizon Communications Inc., one of the largest American telecommunications companies, are moving within a long-term ascending channel. This week, the quotes fell to its lower limit of 39.84 (Murrey level [2/8]), consolidation below which will allow the asset to decline to the lower limit of the Murrey trading range of 39.06 (Murrey level [0/8]) and further into the reversal zone to 38.28 (Murrey level [–2/8]). Consolidation above 40.62 (Murrey level [4/8]), supported by the middle line of Bollinger Bands, will allow the asset to continue moving in the ascending channel to the area of ​​41.41 (Murrey level [6/8]), 42.19 (Murrey level [8/8]), 42.97 (Murrey level [ 2/8], the upper border of the ascending channel).

Technical indicators allow prices to fall: Bollinger Bands and Stochastic are reversing downwards, and the MACD histogram is stable in the negative zone.

Support and resistance

Resistance levels: 40.62, 41.41, 42.19, 42.97.

Support levels: 39.84, 39.06, 38.28.

Trading tips

Short positions may be opened below 39.84, with the targets at 39.06, 38.28, and stop loss 40.40. Implementation period: 5–7 days.

Long positions may be opened above 40.62, with the targets at 41.41, 42.19, 42.97, and stop loss 40.10.