Verizon: Weak in a Strong MarketThe S&P 500 just had its biggest weekly rally in a year, but Verizon Communications didn’t participate. Are the bears moving in?
The first pattern on today’s chart is the trio of drops following the last three quarterly reports. Those may reflect weakening sentiment towards the telecom’s fundamentals.
Second, VZ peaked below $45.55 in late September. That was a long-term low from May 2022, which may suggest old support has become new resistance.
Next, VZ has chopped around its 2023 high of $42.58 but is now below it. That could be a sign of resistance taking hold.
Fourth, last week’s slide below the 200-day simple moving average could mark an end to its longer-term uptrend.
Finally, MACD is falling.
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