Past performance is not a reliable indicator of future performance
Verizon Communication (NYSE: VZ) technical suggest that the stock may enter into a bearish correction based on the Elliott wave and Technical Analysis.
- Verizon has entered into a double three corrective wave and currently the price level is forming a downward sub 3 wave structure of the Y wave.
- 00 Psychological resistance has been rejected 3 times from 2018. The rejections signal strong resistance and hence our bearish view.
- Head and shoulder formation below 61.00 psychological level.
Red line = Overbought line
Green line = Oversold line