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May 09, 2006
Verizon Hits Support
Remember the big telecom rally a few months ago? These stocks have faded from the limelight, but traders should keep them on their radar. VZ surged above its 200-day SMA and broke resistance in February. Broken resistance turns into support and the stock is right back at its 200-day SMA, which also turns into support. In addition, there is the trendline extending up from the October low and it all converges on the 22-22.5 area. A bounce from here would likely turn the 200-day SMA up and start the next leg up.
Posted by Arthur B. Hill at May 9, 2006 11:06 AM