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