Market Technical View: AT&T (T) - bearish scenario. 2012.04.20

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).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

Friday, April 20, 2012

AT&T (T) - bearish scenario. 2012.04.20

The rising wedge pattern is one of the best patterns due to the high chances of predictable outcome. AT&T has formed a rising wedge in the last 6 months and the bearish scenario is in progress.

The T1 trend line is acting now as a resistance but the $31.00 area seems to be the selling point this week. The sellers domination could continue towards the $30.00 level and $29.70 level.

PREVIOUS ANALYSIS HERE: http://markettechnicalview.blogspot.com/2012/04/at-strong-resistance-at-3200-20120409.html