Verizon Communications is one of the leading wireless providers in the United States and in many other countries. The stock surged in mid-March after it was announced that Warren Buffet’s, Berkshire Hathaway, added the stock to its portfolio. Since that pop in the stock it has retreated and is now trading back down to around $55.70 a share. Traders must note that Verizon (VZ) stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often indicates lower prices ahead.
The next major support level for Verizon (VZ) stock will be around the $51.50 area. This important support level is where the stock broke out in March 2020 on heavy volume. This key support area should be defended again when tested again. I will look to trade this leading telecom stock on the long side at this key support level.
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