Verizon Communications (VZ) rose in its latest intraday trading, as the stock attempts to unwind part of its clear oversold conditions on the RSI, supported by the emergence of positive signals from the indicator. However, this rebound collided with resistance at its 50-period SMA, while price action continues to move alongside a minor downward trendline on the short term, keeping downside pressure intact.

 

Therefore we expect the stock price to decline in the upcoming intraday trading, as long as resistance at 41.00 holds, to target the support level at 39.70.

 

Today’s price forecast: Bearish