In this primary bear market, finding rising stock prices is a difficult task. Verizon (VZ) recently moved up aggressively. With a 4% yield and impressive momentum, Verizon is holding up well against broader market weakness. The price action has sent the SCTR to above 94.
The MACD has recently pushed up and is showing nice momentum. In a world where machines and people are continuing to connect online, Verizon might stay in favor with dividend hunters and capital growth investors. If it fails to hold above $48, that would mark a failed breakout.
Have a great weekend.
Greg Schnell, CMT
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.