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Verizon Communications Inc (VZ) “On a long-term technical basis, the stock (VZ) is trading above its 200-day moving average which generally implies it is in a positive trend.
The stock has support at 57.29 and 53.75. If the stock breaks down through support at 57.29 then it will probably continue lower to 53.75. The stock has resistance at 58.23 and at 61.50. If the stock breaks up through resistance at 58.23 then it will probably continue higher to 61.50. The 200-day moving average is at 57.29. This will also act as support. However, the stock has broken out of its long-term downtrend according to the fibonacci fan, which is significant. If the stock can form new support above 57.29 look for a rally to previous highs. The stock is extremely oversold according to the Stochastic Indicator (20.87).”
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