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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 $52.72 and $52.93 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.

Potential upside of 5.6% exists for Verizon Communic, based on a current level of $52.79 and analysts' average consensus price target of $55.77. Verizon Communic shares have support at the 50-day moving average (MA) of $50.27 and additional support at the 200-day MA of $49.60.

Over the past year, Verizon Communic has traded in a range of $43.97 to $54.77 and is now at $52.79, 20% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

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 recommended that subscribers consider buying shares of Verizon Communic on May 22nd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.78. Since that recommendation, shares of Verizon Communic have risen 8.7%. We continue to monitor VZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle verizon communic

Ticker(s): VZ