Verizon Communications stock (NYSE:VZ) has dropped sharply, following a long period of sideways movement. The outlook for this year remains bearish.
Price was largely directionless from October 2019 until February 2020, when it began to trend downwards. The market is below the EMA 21 and the William’s % Range period 20 is also in the oversold territory.
That means the market is very weak irrespective of the current bounce (which is just a rally attempt in the context of a downtrend). The market remains weak and it would continue going downwards until it reaches the support levels at 53.00, 52.00 and 51.00. The ultimate target for sellers is the support level at 50.00.
Trading realities: Trading realities
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