Earnings Play: Verizon Communications

Verizon Communications 2Q earnings release is expected on Friday. Here is what to look out for.

Uptrend 3

On Friday, before market, Verizon Communications (VZ), is anticipated to report second quarter EPS of $1.15 compared to $1.23 a year ago on revenue of approximately $30.0B vs. $32.1B last year. The Co is the largest wireless provider in the U.S. and on July 16th, the company announced that it entered into collaboration with International Business Machines (IBM) to work together on 5G and edge computing to help advance the fourth industrial revolution.   

Looking at a daily chart, Verizon's stock price has been rising within a short-term ascending channel that began to form in late-June. The RSI is currently above 50 and showing upward momentum. Price appears to be headed to the lower trend line where it will likely find support and bounce to retest the $56.50 resistance level which it failed to break early this week. If price can break the first resistance level it will probably continue towards $58.25. If price falls below the lower trend line we will look for possible support at $54.25 for a bounce. If price fails to bounce it would then be possible for price to slide back to the $52.75 level.   

Source: GAIN Capital, TradingView

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