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Technical Analysis – Verizon stock remains under pressure; could weaken further in short-term
April 23, 2018 1:26 pmVideo
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Verizon stock is looking more neutral to bearish in the near term as prices have slipped and have remained below the 49.20 strong resistance level since February 20. Although prices have found support from the 20- and 40-day simple moving averages the upside momentum appears to have run out of steam as prices have been attempting and failing to close above the aforementioned resistance barrier.
The bearish bias is also supported by the RSI indicator, which has been hovering slightly below the 50-neutral level in the past few days, while the %K line of the stochastic oscillator is attempting a bearish cross with the %D line, suggesting a downside movement is nearing.
If prices continue to head lower, support should come from the 20-day SMA near the 42.72 mark. A drop below the 20-day SMA would reinforce the short-term bearish view and open the way towards the 46.15 level, which has been a major support area in the past. Further losses could drive the stock price until the next support at 43.95 from the low on November 15.
However, should an upside reversal take form, immediate resistance will likely come from the 49.20 barrier. A break above this level could shift the bias to a bullish one, with the next resistance coming from the 51.10 level.
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