Verizon has already has undergone its Head and Shoulder correction from $59.50 to $58 but what scares me is that its still trading under its 1st support level. Verizon might retest $58.00 price next week but if we go under there's a big gap down to $55. Lots of reward potential If you can call the right option on it. Puts at $55 looks tempting and rewarding. $55 is bottom and if we lose bottom next up is $53.
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VZ crossed the trend lines today. Tuesday should show us VZ true colors whether it goes back to 60 or down to 55.
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Verizon blasted through trend lines but is starting to form another H&S. VZ is only being set up again so it can fall hard this time. Looking for 2-3 week ITM puts for VZ and maybe some OTM puts to triple up seems fair since more volatility is expected later in the coming weeks.
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christiandeleon415
just now
Verizon heading to 55 next week.
just now
Verizon heading to 55 next week.