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Verizon Communications (VZ) Crosses Pivot Point Resistance at $42.70

Published on Tue, 01/22/2013 - 13:37
By Peter Chu

Shares of Verizon Communications (NYSE:VZ) opened today above their pivot of $42.38 and have already reached the first level of resistance at $42.70. Should the shares continue to rise, the resistance pivots of $42.85 and $43.32 will be of interest.

Verizon Communications has overhead space with shares priced $42.95, or 8.5% below the average consensus analyst price target of $46.94. The stock should find initial resistance at its 200-day moving average (MA) of $43.16 and further resistance at its 50-day MA of $43.37.

Over the past year, Verizon Communications has traded in a range of $36.80 to $48.77 and is now at $42.95, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has risen 0.2%.

Verizon Communications Inc. 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 including business phone lines, data services, telecommunications equipment and payphones.

By Peter Chu
pchu@fnno.com