Another Tough Day for Verizon

Despite the iPhone announcement, Verizon (VZ) took close to a 2% dive today going opposite the market. This not completely unpredictable as most indicators have been bearish for the last couple of days. But where does it go? If you believe in Fibonacci, support is 10% away!

Based on the July low and the recent highs, $32 should provide good support.That would be a 50% retracement, but the stock has run up incredibly over the last month or so and there has to be some profit taking.  I would actually expect $33 to hold anyway as the 50 day MA is close by. But the stock is now close to 20% over it's 200 day MA. That's high! The chart above is actually pretty compelling... I am not a great believer of Fibs, but this has to be a beautiful example...


A regression channel provides similar analysis:

As I said over the weekend, the next week or so should be telling!