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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Verizon Communications (NYSE:VZ) based on the price action in the company's shares. Today's price range of $51.62 and $51.97 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 Communications may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Verizon Communications share prices have moved between a 52-week high of $56.95 and a 52-week low of $38.06 and are now trading 36% above that low price at $51.81 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Based on a current price of $51.81, Verizon Communications is currently 2.7% above its average consensus analyst price target of $50.42. The stock should find resistance at its 50-day moving average (MA) of $52.17, as well as support at its 200-day MA of $47.71.

SmarTrend recommended that its subscribers protect gains by selling shares of Verizon Communications on August 2nd, 2016 by issuing a Downtrend alert when the shares were trading at $54.15. Since that call, shares of Verizon Communications have fallen 4.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Verizon Communications

Ticker(s): VZ