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TMCNet: Verizon Communications (VZ) Breaks Through Support at $41.96

[November 15, 2012]

Verizon Communications (VZ) Breaks Through Support at $41.96

Nov 15, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Verizon Communications (NYSE:VZ) opened today below their pivot of $42.42 and have already reached the first level of support at $41.96. Analysts will be watching for a cross of the next downside pivot targets of $41.68 and $40.94.


In the past 52 weeks, Verizon Communications share prices have been bracketed by a low of $35.32 and a high of $48.77 and are now at $42.07, 19% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

Based on a current price of $42.07, Verizon Communications is currently 0.6% above its average consensus analyst price target of $41.83. Verizon Communications shares should encounter resistance at the 50-day moving average (MA) of $44.76 and support at its 200-day MA of $41.91.

SmarTrend recommended that its subscribers protect gains by selling shares of Verizon Communications on October 24th, 2012 by issuing a Downtrend alert when the shares were trading at $44.23. Since that call, shares of Verizon Communications have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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