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.
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