Bulls Took Over These 2 Stocks Thursday: Upcoming Levels To Watch

Verizon Communications VZ and Comcast Corp. CMCSA are two stocks that gained ground Thursday. Verizon is likely moving after reports the company is looking to sell its digital media assets, including the AOL and Yahoo platforms. Comcast is moving after the company saw year-to-year revenue growth of 2.2%. Comcast posted revenue of $27.2 billion in the first quarter, beating the analyst consensus of $26.7 billion.

Verizon Daily Chart Analysis

• Verizon stock has been trading in a channel since late 2019.
• The stock is trading above the 50-day moving average (green) but below the 200-day moving average (blue), indicating the stock is most likely facing a period of consolidation.
• The 50-day moving average may hold as a place of support on the chart and the 200-day moving average is a potential area of resistance.

Key Verizon Levels To Watch

• The stock has shown support near the $53 level. This is a place where the stock has struggled to cross below.
• The $62 level has held as resistance, as the stock has struggled to cross above this area.
• Bullish traders would like to see the stock build higher lows up to the resistance level before eventually breaking above. Consolidation above this level could let the stock see a push higher.
• Bearish traders would like to see the stock fall to the support level before eventually falling below the level. If support fails to hold, the price of the stock could see a dropoff.

Comcast Daily Chart Analysis

• Comcast stock looks to have formed and broken out of what technical traders may call an ascending triangle pattern. The stock broke above a key resistance near $48.
• The stock is trading above both the 50-day moving average (green) as well as the 200-day moving average (blue), indicating sentiment in the stock has been bullish recently.
• These moving averages may both hold as support levels in the future.

• See also: How to Buy Verizon Stock

Key Comcast Levels To Watch

• The stock was building higher lows throughout the year into an ascending triangle pattern.
• The ascending triangle showed a flat top resistance near the $48 level. The stock was able to cross above this level November 2020, then was able to hold the level as support in late January this year.
• Now, the stock is continuing its trek upwards alongside the higher low trendline. Bullish traders would like to see the stock keep holding this trendline.
• A break below the higher low trendline may cause the overall trend to change, and the stock may see a strong downward push.