VERIZON: Strong rally testing the 1D MA200.

Verizon is bullish on its 1D technical outlook (RSI = ) as it is on a continuous rise since the bottom a month ago. Using the 1D MA50 as Support, it even crossed over LH trendline of January and crossed over the 1D MA200 for the first time since April 22nd 2022.

Despite this crossing, it has closed the last candles under it, which shows the short term, to say the least, struggles on this key Resistance level. The previous pullback was on the 0.382 Fibonacci to the 0.236. Now it hit the 0.5 Fibonacci and we are expecting an analogous pullback to the 0.382 that will pave the way for the next series of green candles. We will buy that pullback and target the R1 level (TP = 37.70).

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