claystation4
Long

VZ Long on long term technicals

NYSE:VZ   VERIZON COMMUNICATIONS INC.
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Long VZ             on two major technical support indications at ~52-52.50. On the daily chart dating back to mid 2013 the ~51.50 region acted as strong resistance. We now look to this region as possible support. This also coincides with an upward trending channel which has formed over the last year. Currently, VZ             sits at the bottom of this channel at support in the ~52-52.50 range. I look for an entry here at 52.25 with a price target of 56.00 and a stop of 51.25. RR of 100/375. If you follow my 10000 USD base account recommendations I advise a 100 share long position.
Position was closed on 9/9 @ 53.1 after previous day's close showed a doji and price action the following day followed through to the downside.
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