It is time for Verizon's turn

It seems like it is a week to check on dot com company this week. so far, I have touched on Alphabet Inc for Google and Meta for Facebook. 

I skipped Twitter since it is going to be delisted soon. However, I did have a glimpse on the counter and if it maintained listed on the market, I would recommend this counter as it has completed a double bottom and is on the way up, probably because of acquisition process.

I was wondering yesterday what counter I should look into next. Since I have been using the charts from finance.yahoo.com for my blogs, I might as well take a look at how it is doing.

I first searched for Yahoo and could not find its chart. It took some time to find out that it was acquired by Verizon Communications Inc. I will have to look at Verizon as a result.

Fig 1. Verizon Communications Inc

It is clear from first glance of a double top formed between 2018 to 2022 and ended with an accelerated plunge. It was only stopped by its minimum objective at USD35.82.

Based on the behavior of the moving averages however, I believe it is a correction and will continue its down trend. The points to watch out for are the 8 and 21-week moving averages. 

As for wave count, I believe that the counter has not reached its end. If I use the Fibonacci retracement, Verizon is presently stopped by its 61.8% retracement. There is an additional support level at USD30.25.