Leading diversified telecommunication company, Verizon Communications, has been slumping since December 20, 2019. At that time, the stock was trading as high as $62.22 a share. Today, VZ stock is trading lower by 0.07 to $58.92 a share. It should be noted that the major stock indexes are now trading at new all time highs, but VZ stock has not continued it’s upside move. This tells me that the stock has lost it’s relative strength in the near term and is vulnerable to a further pullback in the coming weeks.
PRICE TO BUY: Traders should now watch the $52.00 area for very solid support when tested. This level is where the 200-week moving average is currently sitting and should be a level where the stock gets defended. Keep it on your charts and be ready to act when it gets down there.
Check out Nicks latest options trades right now, click here.