Verizon Communications buoyed by pivotal support - Analysis - 08-06-2023

Verizon Communications' stock (VZ) rose in the intraday levels after the pivotal support of 34.55, lending the stock some positive momentum that helped the stock mark a profit of 1.61% in the last session, or 56 cents, settling thereafter at 35.26, with positive signals from the RSI, amid the dominance of the main downward trend in the medium term, with negative pressure from the 50-day SMA.

Therefore we expect more cautious gains for the stock, in order to correct the main downward trend, targeting the resistance of 36.40, provided the pivotal support of 34.55 holds on.

Expected trend for today: Bullish