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Is Verizon Headed for a New Down Leg?

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Verizon (VZ - Get Report) has been trading fairly heavy since April 5. The stock opened that session at new 2016 highs before finishing in the red. A steady drift lower, highlighted by an ugly breakdown gap two days later, has been Verizon's pattern since then.

This week, the stock is holding on to a very key support level as overhead pressure continues to build. A clear break below $51 could usher in a new down leg.

Roughly 6.5% above current levels is a very ominous looking area for Verizon. The stock topped out in 2014 at $53.65...


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