Anticipating Upside In Verizon
by Mike Paulenoff
July 7, 2024 • 2:06 PM EDT
This week's selection for our Top Call -- VZ (Verizon Communications) -- is less a function of its recent success and more a reflection of Mike's technical setup work that projects gains in the days and weeks ahead.
On June 17, one of our MPTrader members (FJB) alerted us to his fundamental work on VZ. After seeing his positive comments, Mike Paulenoff posted the following technical interpretation of the pattern setup:
"... somewhere above 36.00, VZ should reverse into another upleg within its budding bull phase, and coupled with the juicy dividend, FJB is on to something that could be a rewarding name in any portfolio, but especially a portfolio that you want to reinforce with cash-generating companies when the relentless clamor for Info Technology names takes a breather... Last is 39.24... (6/17/24)..."
Then on July 1st, Mike commented:
"This AM, Goldman Sachs initiated VZ coverage with a Buy Rating, and a target price of $50. At the moment, VZ is up 0.8% at 41.60, but the GS research "endorsement" has not powered the name above its dominant down trendline off of the December 2020 high at 61.95 that cuts across the price axis in the vicinity of 42.50 this week. That said, however, the technical setup-- i.e., the positive juxtaposition of the up-sloping 200 Week MA, and the positive upturning Weekly Momentum gauges suggest strongly that as long as 39.00 contains any forthcoming weakness on a closing basis, VZ is a keeper, especially for anyone who feels the need to adopt a more defensive posture during the potential uncertainties likely approaching during the upcoming weeks. Finally, don't forget the VZ dividend pays 6.5%!.. Last is 41.61... "
This past Friday July 5, VZ closed at 41.27, a full 5% above Mike's June 17 post to our members, but if his work proves accurate, there is much more upside ahead, and for this reason VZ is high on our radar screen during Q3, 2024.
Login to join Mike and MPTrader members this week for their ongoing opportunistic fundamental and technical discussions about VZ and many other stocks, macro indices, sector ETFs, commodities, precious metals, and Bitcoin.
On the morning of Tuesday, November 12, 2024, I posted the following Heads-Up to MPTrader members concerning my DIS (Disney) analysis ahead of earnings:DIS (Disney) reports earnings on Thursday morning. Technically, DIS approaches Earnings in strong near-term technical condition that argues for a positive reaction to earnings. As long as any forthcoming weakness is contained above 94.80, DIS points higher to 105.10/40, and if taken out, then to 113-115... Last is 100.25...
On September 20, 2024, fellow MPTrader member Bloom asked Mike Paulenoff to look at his chart setup in Upstart Holdings (UPST). This is what they discussed in Mike's post to our Discussion Room in its entirety:UPST (Upstart Holdings)... It is NO coincidence that when the Fed initiated its rate HIKE cycle in March 2022, it coincided with the steep, contractionary, prolonged bear phase in cloud-based AI lender UPST.
Each Earnings Season (one is in progress as we speak), I analyze my technical setups on individual stocks to see if they provide enough evidence to issue a "highly confident" directional call to MPtrader members. In other words, what is my chart work telling me about the likelihood of a bullish or bearish investor reaction to Earnings?Suppose I apply the same approach to Tuesday's presidential election.
Last Monday afternoon (October 21), Mike alerted MPTrader members to a Goldman Sachs upgrade of optical products retailer Warby Parker (WRBY) to Buy from Neutral. Goldman attached an 18.00 target price to the stock. At the time of Mike's post to members, WRBY was trading at 17.55 in reaction to the GS upgrade, up 6% from the prior close, and just 2.5% from Goldman's 12-month target price.
On the afternoon of March 13, 2024, I posted the following heads-up to MPTrader members about important price action in WPM (Wheaton Precious Metals), my go-to ("favorite") name for Silver Mining within the larger Precious Metals Mining Complex:From a silver-gold perspective, let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.80.