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Weak Signal on Verizon (VZ) Stock; 10% Decline in Sight

NEW YORK (TheStreet) -- Verizon Communications (VZ - Get Report) is a member of the exclusive Dow Jones Industrial Average, but a failure to communicate and a bearish chart picture are not helping the stock.

In this chart of VZ (above), the stock has made no progress for nearly three years. It's stuck in a $45 to $55 range, crossing back and forth around the 40-week moving average. Prices have begun to slip lower and selling could accelerate in the weeks ahead.

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In the daily chart above, VZ slipped below the 200-day moving average in June and there were three rally attempts to the underside of the moving average. Each of these failed attempts was an opportunity to sell. Volume has picked up on the decline as the bears are gaining strength. A close below $44.25 could precipitate further declines, with $40 being the next support area.