Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Monday, April 9, 2012

AT&T strong resistance at $32.00. 2012.04.09

AT&T shares price reached the 2011 highs last month and it seems like the investors considered the $32.00 area as a good price to sell.

Therefore, the price dropped almost 3.0% in less than three weeks and it stopped at the T1 trend line support that connect the November and the January lows. On the mid-term, the price formed a rising wedge pattern that was framed by T1 and T2 lines.

The possible scenario will be triggered by a break below the T1 trend line and a correction towards the 50% retracement level of the November-March swing up. The first support is in the $30.50 area and the eventual break of T1 line could be quickly followed by a retest of the current support. 

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