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

By Shiri Gupta

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 $45.93 and $46.15 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 share prices have moved between a 52-week high of $56.95 and a 52-week low of $38.06 and are now trading 21% above that low price at $46.08 per share. Over the last five market days, 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.

Verizon Communications (NYSE:VZ) has potential upside of 14.2% based on a current price of $46.08 and analysts' consensus price target of $52.62. The stock should find initial resistance at its 200-day moving average (MA) of $47.71 and further resistance at its 50-day MA of $52.17.

SmarTrend is monitoring the recent change of momentum in Verizon Communications. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Verizon Communications in search of a potential trend change.

Keywords: bullish inside day candle Verizon Communications

Ticker(s): VZ