Is Verizon Breaking Down?
Published on Tuesday, 21 August 2012 05:52 Written by TradersHuddle Wire
New York, August 21st (TradersHuddle.com) - Shares of Verizon Communications, Inc. (NYSE:VZ) closed the trading session at $43.70 below calculated support at $43.78. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.
Verizon Communications Inc. (NYSE:VZ) is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government. Verizon is the owner of the largest wireless network, with more subscribers in the U.S. Verizon was founded in 1983 and is based in New York, New York.
Verizon's stock was trading in a well defined range with support at $43.78 and resistance at $46.41; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $43.78 will remain in focus as Verizon's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Verizon can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $43.78. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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