Hello, all! Today we are going to be looking at a brand new breakout signal on VZ, fired by the OmniTrader 2017 Breakout Strategy. This breakout is really exciting because VZ us not close to highs yet, so this move could really sprout some legs once it gets moving. Let’s take a look.
VZ has had a great run over the last few days after pivoting off of support at $46.00. Just yesterday it cleared resistance at $48 which also happened to coincide with the 200 SMA. VZ is also well above its other major moving averages which give us ample confirmation of it bullish mode. Volume is also high which is of course, indicative of heavy buying which leads to breakout moves. While it is above 50 on the RSI indicator, it still has some room to stretch before becoming overbought. In any case, waiting for a pullback may not be a bad idea, seeing as you would get a price improved entry.
If this breakout move continues to move higher, we could see VZ head into the $52-$54 zone in a relatively short time. Keep an eye on this one.
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