QQQ
+ 0.00
383.13
+ 0%
BTC/USD
-891.26
48505.07
-1.8%
DIA
+ 0.00
346.24
+ 0%
SPY
-0.18
453.60
-0.04%
TLT
+ 0.00
154.35
+ 0%
GLD
+ 0.00
166.63
+ 0%

BZ Chart Of The Day: Is The Verizon Death Spiral Finally Ending?

October 14, 2021 11:14 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
BZ Chart Of The Day: Is The Verizon Death Spiral Finally Ending?

Shares of Verizon Communications Inc. (NYSE:VZ) have been in a complete meltdown. In just a few days, its price dropped from $54 to $51 per share.

But now there’s a chance the selling is over and share may have found a bottom.

If they do rally, there’s a good chance they run into resistance around $54. This level was support and support levels can convert into resistance.

It’s because of buyer’s remorse.

See also: BZ Chart Of The Day: AT&T's Bloodbath

Investors who bought Verizon's stock at $54 now regret their decision to do so because the price is lower. A number of these remorseful buyers decide to sell, but they don’t want to take a loss.

As a result, they will be placing their sell orders at $54. If there are enough of these orders, it will form resistance.

To learn more about chart reading, be sure to check out the new Benzinga Trading School.

vz.png

Photo: Anthony92931, via Wikimedia Commons

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

Jim Cramer Shares His Thoughts On Verizon, Pfizer And More

Jim Cramer Shares His Thoughts On Verizon, Pfizer And More

On CNBC’s "Mad Money Lightning Round," Jim Cramer said Verizon Communications Inc. (NYSE: VZ) is "doing fine." Although the company is not likely to create huge wealth, but it will result in a nice income stream. read more
AT&T And Verizon Shares Drop Below Support: Now What?

AT&T And Verizon Shares Drop Below Support: Now What?

AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) are two cellular stocks that lost ground Tuesday as the market for telecommunication stocks dips.  read more
A High-Yield Blue Chip on the Pink Open Market?

A High-Yield Blue Chip on the Pink Open Market?

For many, stocks listed on the Pink Open Market are to be avoided, as it is often regarded as the province of thinly-traded, poorly capitalized firms that could not qualify to be listed on "The Big Board" or other, more reputable exchanges. read more
Why This Investor Is Buying More Nike, Stitch Fix And Verizon Stock

Why This Investor Is Buying More Nike, Stitch Fix And Verizon Stock

Chevy Chase Trust's Amy Raskin recently added to her position in Nike Inc (NYSE: NKE), Stitch Fix Inc (NASDAQ: SFIX) and Verizon Communications Inc (NYSE: read more