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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Verizon Communications (NYSE:VZ) based on the price action in the company's shares. Today's price range of $51.26 and $51.80 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. Traders and investors interested in shares of Verizon Communications may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Verizon Communications (NYSE:VZ) is currently priced 2.3% above its average consensus analyst price target of $50.42. Verizon Communications shares should encounter resistance at the 50-day moving average (MA) of $52.17 and support at its 200-day MA of $47.71.

In the past 52 weeks, shares of Verizon Communications have traded between a low of $38.06 and a high of $56.95 and are now at $51.61, which is 36% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-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 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 5.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Verizon Communications

Ticker(s): VZ