Nearest Resistance: $48
Nearest Support: $45.50
Catalyst: Technical Setup
Shares of $195 billion telco Verizon Communications (VZ) are slipping this afternoon on big volume thanks to a technical setup that's forming in shares. Year-to-date, shares of VZ are down almost 4%, and that trajectory looks likely to continue into March.
Verizon is currently stuck in a downtrending channel, a bearish setup that's about as simple as it gets. As VZ gets swatted down from trend line resistance for a seventh time since late October, it makes sense to sell the bounce.