Leading diversified telecommunication company, Verizon Communications, has been slumping since December 20, 2019. At that time, the stock was trading as high as $62.22 a share. Today, VZ stock is trading lower by 0.07 to $58.92 a share. It should be noted that the major stock indexes are now trading at new all-time highs, but VZ stock has not continued its upside move. This tells me that the stock has lost its relative strength in the near term and is vulnerable to a further pullback in the coming weeks.
PRICE TO BUY: Traders should now watch the $52.00 area for very solid support when tested. This level is where the 200-week moving average is currently sitting and should be a level where the stock gets defended. Keep it on your charts and be ready to act when it gets down there.
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