VZ is at a resistance level that could send it to new highs if it is taken out. The stock got hit with everything else in December (after acting as the defensive play that Telecoms can be in September and October during the stock market’s initial downturn).
A ‘W’ pattern has formed after it found support at the daily SMA 200 (black), bounced and held the SMA 50. MACD & RSI look good and both moving averages are pointing up, which means so too are the important trends.
The implied target (again, if resistance is taken out) is 64 and new highs.
The weekly chart shows an overbought stock that was driven down to a successful support test. The overbought situation is eliminated.
The first risk to the bullish scenario would be a loss of the daily SMA 50 (chart 1), currently at 56 and then a loss of the breakout line, current intersecting the 55 area.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.