Stock to Watch: Verizon Communications Inc. (NYSE: VZ)

Verizon shares are trading at a 3-month high, adding more than 4% since mid-August. From the May 6-month low, quotes rose by more than 7%. The company expects a 1% increase in revenue and earnings per share this year with the same growth rate in 2020. At the same time, the active deployment of the 5G network will serve as an incentive for the growth of financial indicators since 2021.

Verizon shares rose by 1.75% over the past week. The S&P 500 index increased by 2.39% for the same period.

Trading tips

Long positions can be opened after the price consolidates above the level of 58.50. The closing of the profitable positions is possible at the levels of 59.50, 60.50 and 61.00. Stop loss – 57.50.

Short positions can be opened after the price consolidates below the level of 57.25 with the targets at 55.50–54.50. Stop loss – 58.25.

Implementation period: 3 days.

Scenario
Timeframe	Intraday
Recommendation	BUY STOP
Entry Point	58.50
Take Profit	59.50, 60.50, 61.00
Stop Loss	58.15, 57.50
Key Levels	54.50, 55.60, 57.25, 58.50, 60.00, 61.00

Alternative scenario
Recommendation	SELL STOP
Entry Point	57.20
Take Profit	55.50, 54.50
Stop Loss	58.25
Key Levels	54.50, 55.60, 57.25, 58.50, 60.00, 61.00

Support and resistance

The company’s shares continue trade flat with a fairly wide range. There is no unidirectional trend observed. At the moment, quotes are testing the resistance level of 58.50. The level of 57.25 is the nearest support. There is potential for growth. Indicators indicate the strength of buyers: the price has fixed above MA (200); MACD is in the positive zone. It is better to open the positions from the key levels.

A comparative analysis of the multiples of the company and competing companies in the industry indicates the neutrality of the instrument.

Resistance levels: 58.50, 60.00, 61.00.

Support levels: 57.25, 55.60, 54.50.

from
https://alphabetastock.com/2019/09/05/stock-to-watch-verizon-communications-inc-nyse-vz/