Verizon Communications Inc. stock (NYSE:VZ) is essentially a bear market, and the bearishness may continue for some time, unless the upper Trendline is breached to the upside. The market is currently choppy and rough, and the probability of price going downwards is higher than its probability of going upwards.
The RSI period 14 is slightly below the level 50, and may begin sloping
further downwards any moment soon, going into the oversold region below the
level 30. The lower Trendline may also be breached to the downside as the
market trends further downwards.
The outlook on VZ is bearish for this year and price can eventually reach
the demand zones at 50.00, 45.00 and 40.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself
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