In his first "Executive Decision" segment of Thursday's Mad Money program, Jim Cramer spoke with Hans Vestberg, chairman and CEO of Verizon Communications (VZ) , following the company's annual investor day.
Vestberg said Verizon has spent years building its multipurpose network. Verizon's network can support everything from mobile, to fixed-line to edge computing and it's just getting started with the metaverse, having partnered with Meta Platforms (FB) to deliver immersive experiences.
Verizon is also in a strong position financially, with a strong balance sheet. Vestberg said the company remains committed to paying down debt and returning cash to shareholders when it makes sense to do so.
Cramer said in a turbulent market, of stocks like Verizon, "It works."
Let's check out the charts of VZ again.
In our last review of VZ on January 26, we wrote that "It is interesting that the two most recent weekly candles are doji. Bulls and bears are in balance and we have one Point and Figure chart with an upside target and another chart with a downside target. I would stand aside for now and wait a bit for the dust to settle."
In this updated daily bar chart of VZ, below, we can see some recent improvement. Prices just closed above the 200-day moving average. The line still has a negative slope but the 50-day average line has had a positive slope the past two months.
The On-Balance-Volume (OBV) line has been steady since reaching a low in late January. The Moving Average Convergence Divergence (MACD) oscillator shows a slight turn to the upside.
In this weekly Japanese candlestick chart of VZ, below, we can see that prices have rallied above the 40-week moving average line. The weekly OBV line has turned up from January telling us that buyers have turned aggressive. The MACD oscillator is moving up towards the zero line.
In this daily Point and Figure chart of VZ, below, we can see an upside price target of $63.
In this weekly Point and Figure chart of VZ, below, we see the same $63 price target. This is an improvement from the last time we looked at the chart when it showed a $43 target.
Bottom line strategy: Traders who are comfortable with a stop down at $51 could go long VZ on available weakness towards $54.