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- Verizon’s communication profit has seen a decline of 23% in the profit. The net income has declined to $5 Billion.]
- The stock price is currently trading near the value of $38. Meanwhile, the technical indicators of the asset price suggest an upside trend.
Verizon’s profit has observed a decline of 23% in the profit and has added fewer-than-expected wireless subscribers in the third quarter. They have seen a decline of 189000 subscribers. Shares of the asset price fell 6% to their lowest in over a decade as finance chief Matt Ellis said higher prices for plans led to disconnections. Competition in the U.S. telecom markets has increased as Verizon and AT&T offloaded their media businesses, and T-Mobile merged with Sprint Corp to become a wireless-focused company.
Telecom companies in the US are spending higher on the 5G infrastructure but are looking to keep the subscription down. Subscribers’ losses are one of the few worries of Verizon.
Technical Indicators Of VZ Stock Suggesting A Downside Trend
The weekly technical chart of the VZ suggests a downside trend in price. On coming to the daily chart, the asset price is trading near the value of $38, with a gain of 0.74% in the past 24 hours. The asset price currently trades below the 50 and 100 Daily Moving Averages. If the asset price jumps above 50 DMA, a new high can be seen in the future. The upside momentum of the asset price can see a halt near the value of $44. Meanwhile, the bounceback in the price can be seen near $35.
RSI: RSI of the asset price is currently near the value of 53, suggesting its presence in the neutral zone. The overall sentiment of the RSI is bearish.
Conclusion
Verizon has been seeing a loss of subscribers in the past few weeks. VZ stock price can see a strong upside trend in the future.
Technical Levels
Major Resistance:$42
Major Support: $35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
