Verizon Communications Inc. (NYSE:VZ) is dialing up a bullish breakout as its stock pushes past key technical levels. With shares up 12.76% year to date and 5.20% in the past month, Verizon stock has now confirmed a golden cross, a classic bullish indicator signaling potential for more upside.
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Verizon Stock Technicals Confirm A Strong Uptrend
At $44.93, Verizon stock is currently above its eight-day simple moving average (SMA) of $44.10, its 20-day SMA of $44.02, and its 50-day SMA of $42.04 -- each flashing a bullish signal.
Even more significantly, Verizon stock's 50-day SMA has crossed above its 200-day SMA of $41.73, officially forming a golden cross.
The Moving Average Convergence Divergence (MACD) indicator stands at 0.60, reinforcing the bullish momentum, while the Relative Strength Index (RSI) at 60.70 suggests the stock is gaining strength but has not yet reached overbought territory.
Selling pressure persists, which could pose risks if momentum stalls.
Investor Takeaway: Bullish Setup, But Watch For Resistance
Verizon's golden cross could attract technical traders looking to ride the trend, but some caution is warranted. The stock is experiencing selling pressure, which could lead to short-term volatility.
If Verizon stock holds above key support levels, the uptrend could continue, making it a compelling opportunity for bullish investors.
With telecom stocks gaining renewed interest, all eyes are on whether Verizon can capitalize on its bullish setup or if resistance levels will put the brakes on its rally.
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