New York, October 15th (TradersHuddle.com) - Verizon Communications, Inc. (NYSE:VZ) closed the trading day at $44.62, near its 50 day moving average that is set at $44.60. Verizon's price action is just above this important support level, providing a trading opportunity.
Verizon Communications Inc. (NYSE:VZ) is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government. Verizon is the owner of the largest wireless network, with more subscribers in the U.S. Verizon was founded in 1983 and is based in New York, New York.
The peaks and troughs algorithm shows calculated support at $42.18 and calculated resistance at $48.77. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Verizon should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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