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.
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