Red line - resistance
Blue lines- Fibonacci retracement levels
VZ stock price has recently broken above the red downward sloping trend line and above the latest lower high. There are increased chances that the entire decline from $61.93 is complete and that we should now see a strong bounce in price. VZ stock price has given us our first sign of strength after a long time. We might see a pull back in the near term or a back test of the broken red trend line, but in the medium-term I expect VZ stock price to move higher towards at least the 38% Fibonacci retracement level at $42.20 area. I believe that VZ stock price is in the process of forming a major low.
