[May 23, 2012] Verizon Communications (VZ) Approaches New Downside Target of $40.99 Tweet May 23, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Verizon Communications (NYSE:VZ) opened today below their pivot of $41.46 and have already reached the first level of support at $41.20. Analysts will be watching for a cross of the next downside pivot targets of $40.99 and $40.52. Verizon Communications (NYSE:VZ) has potential upside of 0.2% based on a current price of $41.11 and analysts' consensus price target of $41.17. The stock should discover initial support at its 50-day moving average (MA) of $39.40 and subsequent support at its 200-day MA of $37.80. Over the past year, Verizon Communications has traded in a range of $32.28 to $41.96 and is now at $41.11, 27% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%. SmarTrend recommended that subscribers consider buying shares of Verizon Communications on April 24th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.11. Since that recommendation, shares of Verizon Communications have risen 5.8%. 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 ]