VZ ($50.24) has been consolidating under 51.69 (Jun 18 high) forming a triangle pattern. As both the RSI and Stochastics turned bearish, there is scope for the stock to test the 6-week bull trendline support currently at 50. A breakdown would confirm bear continuation and fuel further losses towards 48.81 (Jun 24 low). Below the latter would expose 47.77 (Jun 3 low). More weakness from there would open the key support cluster including 3-year bull trendline support (Aug 2011/April/2012/Jan 2013 lows) currently at 45.00, the 44.98/44.87/44.88 prior highs (Dec 2012/Jan/Feb 2013 highs) and the equality target (54.31/47.77 projected from 51.69) at 45.15.
However, an upside break above 51.69 would negate and confirm a higher low at 47.77, extending the broad uptrend towards 54.31 (Apr 30 YTD high) for a retest.
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