Verizon $VZ has been holding up exceptionally well relative to the market’s recent meltdown. Based on Investors Business Daily RS rating calculation, $VZ is outperforming 92% of the stocks in the market.
$VZ has been trading sideways for roughly 5.4 years between $45 and $54. Investors have gotten paid to wait, $VZ sports a 4.5% yield right now, however, I believe the stock is ready to start moving higher the minute there is some pressure relieved from the market that will not only pay the investors but the traders as well.
I’m sure you heard the saying; the bigger the base, the higher into space it goes. Five years of sideways action is a pretty long base, and after a successful test of the top of the base and its 200-day moving average, it looks to me that $VZ is ready to march higher from here. From a weekly chart perspective, I like the stock going through $55.04 with a stop at $52.
You can check out all the highest rated stocks in the market by taking a trial here with MarketSmith.
#IBDPartnerThis information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog. The stocks presented are not to be considered a recommendation to buy any stock. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.