Benzinga - by Surbhi Jain, .
Verizon Communications‘ (NYSE:VZ) stock has got some respite since October 2023, after steadily declining for the past 5 years. The stock has gained over 11.72% so far this year. It’s also gaining strength pre-market on the news of it partnership with NASA.
Driving Momentum with NASA Partnership
This connectivity will enable NASA to stream multiple video feeds, including telescope views and commentary, to viewers worldwide.
Federal Footprint and Government Partnerships
Investors are optimistic that the news will boost the stock’s performance. The stock was trading in the green during Monday’s pre-market session. Let’s take a quick peek into the technical setup to figure what the charts are signaling.
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Analyzing Bullish Trends
Chart: Benzinga Pro
The technical analysis of Verizon stock reveals a moderately bullish trend with slight buying pressure. The stock is currently trading slightly above its 8-day simple moving average (SMA), indicating a bullish signal, with the 20-day SMA reinforcing it. The stock’s price surpasses its 50-day SMA of $40.82 and its 200-day SMA of $36.63, both associated with bull market conditions.
Chart: Benzinga Pro
The exponential moving averages (EMAs) are also supporting a bullish setup. The Moving Average Convergence Divergence (MACD) indicator stands at 0.6, implying a bullish stance. However, with a Relative Strength Index (RSI) of 63.55, nearing overbought conditions, caution is warranted.
Verizon stock has seen a turnaround in its stock performance, gaining over 11.72% this year and receiving a boost from its partnership with NASA for the upcoming solar eclipse broadcast. Technical analysis suggests a moderately bullish trend, with caution. Nonetheless, Verizon’s strategic collaborations and recent gains indicate potential for continued growth in the telecommunications sector.
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