VZ unable to break through key resistance level
Verizon Communications Inc. (VZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VZ ended the month -3.92% lower at 55.13 after gaining $0.44 (0.8%) today, slightly underperforming the Dow Indu. (0.85%). Trading up to $0.56 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 25th, VZ actually lost -2.06% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (VZ as at Jun 30, 2020):
Tuesday's trading range has been $0.92 (1.68%), that's slightly below the last trading month's daily average range of $0.98. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VZ.
Unable to break through the key technical resistance level at 55.28 (R1), the market closed below it after spiking up to 55.28 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Verizon Communications. Out of 554 times, VZ closed higher 51.99% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.26% with an average market move of 0.30%.