Don't Ignore This Chart!

Verizon Downgraded, Tests Short-Term Support

 | 

JP Morgan downgraded Verizon (VZ) this morning, instead choosing AT&T (T) and that has put pressure on VZ in the early going.  Thus far, buyers have emerged and VZ has risen off its opening gap lower.  Technically, VZ is continuing its downtrend that it started just over a month ago near 51.00 with today's opening price testing six month trendline support and nearing the Fibonacci 50% retracement level.  Volume is very heavy so a nice finish could enable today's red hollow candle to establish solid short-term support in the days ahead.  A weak finish, however, would likely send VZ lower to test the early March lows and the Fibonacci 61.8% retracement level - both of which are between 46.50-47.00.  Check out the chart:

Happy trading!

Tom

Announcement from the Author

{{ announcement.content }}

Tom Bowley
About the author: co-founded Invested Central in 2004 and served as the site's Chief Market Strategist for more than 10 years. Invested Central provides stock market education and guidance for those interested in making their own financial decisions. During his tenure at Invested Central, Tom co-hosted Market Open LIVE, a national radio broadcast that covered many of the largest markets across the U.S. In addition, he has spoken at various conferences throughout the United States and Canada and has taught thousands of traders across the globe how to trade equities more wisely with an emphasis on managing risk and intermarket relationships. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus