VZ looks ready for another down leg Telecoms caught some weakness after earnings release. $51.50 was important resistance above which buyers failed to hold eventhough company released numbers higher than expectations.
Now, we have tight consolidation near lows with resistance at $49.15. Break below consolidation support $48.50 will trigger Short entry and will open doors to $46 major support.
If market will enter into correction mode (complicated geopolitical situation combined with potential rate hike) that will add arguments to this idea. Risk/Reward 1:4 make this idea attractive with high-winning rate.
