Though I am leaning pretty short on the overall market, any time you have a large one-sided bet on the market, it’s always good to have a “go to” list for if those setups fail. VZ is interesting to the long side:
- Market leader on our relative strength scans.
- Has held up well on the market decline and continues to consolidate near the upper channel.
- Volatility contraction often sets up a good directional move.
There are two broad ways I’d be interested in entering this stock: either on a breakout above roughly 44.00 or on a spring on a failure test below 43.00.
Might be a good idea to keep this one on the radar.