Wednesday, October 6, 2021 1:16 PM EDT
Leading telecommunications and entertainment company, Verizon Communications Inc (VZ), has been steadily pulling back since early May 2021. At that time, the stock traded as high as $59.85 a share. Since that pivot top, the shares have fallen down to $54.06 a share. Traders should note that the stock is in a down trend on the daily and weekly chart in the near term. It is also trading below its important 200 and 50-day moving averages. This puts the stock in a weak technical position on the charts and signals a further decline in the near term.
The next important support level for Verizon Communications (VZ) stock will be around the $52.00 area. This important support level is where the stock broke out in March 2020. It is also a very important retrace level for the stock that should add to the strength of the support area when tested. I will be looking for a long side trade around this key level.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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