Verizon Communications Inc. (VZ) has recently expanded its foothold in the European market by implementing Reveal EV (Electronic Vehicle) functionalities and sophisticated electronic tools designed to elevate customers' automotive experiences.
The EV Suitability Tool, which was recently introduced, offers consumers a compelling investment opportunity and promises to be cost-effective. As a result, the stock might face a stable appreciation after having a solid breakout from the technical perspective.
Verizon Implements Data Drive EV Tools
Verizon Communications advances its sustainability goals through the utilization of data-driven analysis and recommendations that facilitate the conversion of its fleet to electric vehicles (EVs) following real-time vehicle usage data. This transition not only attends to apprehensions surrounding worldwide carbon emissions but also optimizes electric vehicle (EV) operations via improved reporting and alert capabilities.
It also incorporates the vehicle battery and charging status data into its fleet management platform. As a result, clients are granted the ability to monitor the charging status of their automobiles precisely.
Verizon Connect: A Key Price Driver
Verizon empowers customers to perceive and execute electric vehicle (EV) strategies by facilitating a smooth data integration between Verizon Connect Reveal and NextEra Mobility's software via a collaborative partnership. This collaborative effort emphasizes the organization's dedication to cultivating a sustainable environment through the mitigation of carbon emissions and the worldwide advancement of sustainable development.
Verizon Connect Reveal data from the Electric Vehicle Suitability Tool revealed in a recent analysis that 42% of customers' internal combustion engine vehicles could be substituted with electric vehicles by 2023. This transition is anticipated to yield fuel savings of $2 million and a reduction in CO2 emissions of 9000 tonnes.
Verizon's entry into the automotive industry will enhance its standing in the wireless equipment market. With the global community placing greater emphasis on conserving natural resources, Verizon is well-positioned to take advantage in the near future due to its innovative transition from fuel-powered vehicles to electric vehicles.
The company's stock price in the past year has increased by 5.7%, surpassing the industry average increase of 1.8%.
Verizon Stock Technical Analysis
In the daily chart of VZ stock price, the long-term market momentum is bullish, where the most recent price trades within a bullish pennant pattern. In that case, a solid Pennant breakout with a stable market above the triangle resistance could offer a high probable long opportunity.
The dynamic 20-day EMA is a major support, and the Verizon stock price struggles to have a solid momentum above this. Moreover, the 41.16 level is a crucial resistance level, where a bullish daily candle above this line could be a conservative long opportunity, targeting the 60.00 level.
However, a deeper downside correction towards the 39.00 level is possible, but extensive selling pressure with a daily close below the 37.14 level might eliminate the bullish possibility.
