Is Verizon Bouncing For Good?NYSE:VZ is bouncing back from the double top target.
it has a target of $ 35.70 and it has been touched on October 2022.
The weekly chart stochastic has been successfully break out from value 50 for a consecutive week.
In 4H Chart, the formation of the candle is forming a Ascending Triangle with Upper Breakout which indicate a Short Term Bullish Reversal with neckline at $ 39.38 - $39.85 (as our new support).
I think it is worth to wait on its neckline for entry, since the stochastic also indicate a oversold area where %K line Crossing Up %D line several time.
Or, you can use EMA200 value for your entry position with stop loss at $ 38.59 (last swing support at $ 38.62 - avoid setting stop loss at psychological price at $ 38.60).
or When Stochastic %K Line is crossing down 50 you may exit from a long position.
For your additional information, you may check big ETF Communication Sector and you can see that this sector has been dropped quite significant since last year.
Disclaimer is always on.
Your Trade, Your Risk.
I do not have any possession in NYSE:VZ stock in my current portfolio.
