- Verizon Stock (NYSE: VZ) down by 12% on YTD basis and hits a fresh 52 week low.
- VZ Stock price is in downtrend but looks oversold.
- Verizon Communications stock price trading below 50 and 200 day EMA.
Verizon Stock Price (NYSE: VZ) down by 12% on YTD basis and hit a fresh yearly low at $33.72. VZ Stock price is continuously declining by forming lower low swings shows the dominance of sellers on higher levels.
Verizon Stock price is trading below the 50 and 200 day EMA showcase downtrend. But, the distance between both the EMAs are too wide and market price also looks oversold. Therefore, minor recovery or short term consolidation is possible.
VZ Stock price has not performed well in 2023 and traded in a bear grip. It tried multiple times to sustain the price above the 50 day EMA but got rejected.
The hurdle levels are shifting down shows sellers are active and any pull back rally will face difficulty to hold the higher levels.
In the mid of March, Verizon Stock took support near $36.00 and showed a decent recovery of 10%. It created hope for the bullish trend reversal but sadly the rally was temporary.
VZ stock price lacked the momentum near $40.00 and again began to decline. It breakdown the $36.00 support and continues to fall further. Recently, VZ stock hit a 52 week low but prices did not collapse and showed minor recovery.
Will Verizon Stock bounce back in the 2nd half of 2023?
Verizon Stock formed a Doji candle pattern near to yearly lows and witnessed a surge in the buying volume. It indicates that buyers are getting active and trying their best to reverse the short term trend.
If VZ Stock price is able to break the 50 day EMA and sustain above then recovery may continue to $40.00. However, the price will gain strength when it break the $40.00 hurdle.
Verizon Stock price closed the previous session at $35.47 with an intraday rise of 0.11%. The downward sloping trendline and 50 day EMA both will act as a hurdle in coming weeks.
If the VZ Price faces rejection then it will return back to the yearly lows. The technical analysis suggests, Verizon Stock is preparing for the pull back rally and it might test $40.00.
Is the possibility of reversal is high VZ Stock
VZ Stock price formed a bullish candle after 5 weeks of consecutive fall. The buying volume also rises at the same time which increases the possibility of reversal.
Moreover, if the broader market index like Dow Jones and Nasdaq Composite performs well then it will positively impact the market sentiment. Due to which VZ stock investors might gain confidence.
The MACD curve has positively intersected with the moving average and histogram is rising. It shows that the buyers returning back to track and bullish momentum might continue.
Conclusion
Verizon Stock Price (NYSE: VZ) down by 12% on YTD basis and forming a bearish pattern. VZ Stock recently tested the yearly lows but it did not fall further and showed a minor bounce.
Technical analysis suggests, If VZ stock holds $35.00 then pull back may continue for some more time.
Technical levels
Resistance levels: $36.00 and $40.00
Support levels: $33.00 and $32.00
Disclaimer
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