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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