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New Trade Verizon (VZ)

Recs

1

August 24, 2012 – Comments (0) | RELATED TICKERS: VZ

It's not often that I take trades that have not triggered above the 8 ema, but $VZ is one I feel confident with. I own a significant amount of this stock in my long term investment account from the mid $20's. (Yes, I have had it a long time.) And I decided to pick some up in my trading account today as well. 

Previous resistance area that broke out on June 8 is now support and today marked a double bottom with the stock bouncing off yesterday's low. Pair this along with Verizon's approval for aquisition of Comcast's airwaves and the stock is ready to make it's move to recent highs for starters. Stop below morning's low of 42.19 is easy R/R. Long from $42.77.

Here's the VZ trade setup

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