[December 29, 2011] Watch for Shares of Verizon Communications (VZ) to Approach Resistance at $40.17 Tweet Dec 29, 2011 (SmarTrend(R) News Watch via COMTEX) -- Shares of Verizon Communications (NYSE:VZ) opened today above their pivot of $39.84 and have already reached the first level of resistance at $39.96. Investors may be interested in a cross of the next upside pivot targets of $40.17 and $40.50. Over the past year, Verizon Communications has traded in a range of $32.28 to $40.04 and is now at $39.99, 24% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%. Verizon Communications (NYSE:VZ) is currently priced 1.3% above its average consensus analyst price target of $39.48. The stock should find initial support at its 50-day moving average (MA) of $37.56 and further support at its 200-day MA of $36.76. SmarTrend recommended that subscribers consider buying shares of Verizon Communications on December 1st, 2011 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.63. Since that recommendation, shares of Verizon Communications have risen 5.7%. We continue to monitor VZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup [ Back To TMCnet.com's Homepage ]