Verizon Communications Inc. VZ shares traded higher Wednesday after the company reported better-than-expected earnings. The company reported second-quarter earnings per share of $1.37, beating the Street estimate of $1.29.
The company reported $33.8 billion in sales, beating the estimate of $32.68 billion.
Verizon Communications was up 1.08% at $56.18 at last check.
Verizon Communications Daily Chart Analysis
- The stock has been trading in a sideways channel since late 2019, and currently sits near the middle of the channel.
- The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock is bearish.
- Each of these moving averages may hold as an area of resistance in the future.
Key Verizon Communications Levels To Watch
- The stock is trading well in the middle of the sideways channel and didn’t see much movement from earnings.
- The stock is showing previous support near the $53 level; the stock previously showed resistance near the $62 level. These levels may continue to hold until the stock sees a breakout.
- The Relative Strength Index (RSI) sits at 47 and has traded below 50 throughout the past couple months, meaning there has been more selling in the stock than buying. The RSI has been nearing the middle line within the last week and could see a break above soon.
What’s Next For Verizon Communications?
Bulls would like to see the stock start heading higher and form higher lows. If the stock starts moving higher, bulls would want to see the stock break out above the resistance and see a consolidation period above resistance. This could let the stock see its next leg up.
Bearish traders would like to see the stock fall lower and break below the support level. If the stock can hold the support level as resistance after falling below, it could see a further downward push.
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