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Possible Bearish Inside Day Candle Pattern Detected for Verizon Communic (NYSE:VZ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Verizon Communic (NYSE:VZ) based on the price action in the company's shares. Today's price range of $59.54 and $59.76 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Verizon Communic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Verizon Communic share prices have been bracketed by a low of $53.02 and a high of $62.22 and are now at $59.60, 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Verizon Communic (NYSE:VZ) defies analysts with a current price ($59.60) 6.4% above its average consensus price target of $55.77. Verizon Communic shares should encounter resistance at the 50-day moving average (MA) of $60.26 and support at its 200-day MA of $58.65.

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment, and payphones.

SmarTrend is tracking the current trend status for Verizon Communic and will alert subscribers who have VZ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle verizon communic

Ticker(s): VZ