Possible Short on Verizon Communications

Verizon Communications is in the middle of a descending channel that began one year ago. Last week, the price reached the channel's resistance and it has not been able to break the resistance, this could be a good oportunity to sell short the stock and bet on the continuity of the channel. The downwards movement is confirmed by the Stochastic RSI, this indicates an overbought condition in the last days. The MACD shows a clear negative divergence. The final target of the investment would be when the price reaches the inferior limit of the channel. As a recommendation, watch carefully the support level on $45.8, this creates a first target.