The share price of AT&T (T) has been trading in a sideways manner throughout 2017.AT&T (T) Daily Chart(click to enlarge)Consolidation:- The daily chart shows that price was bullish heading into 2017. - Then, the market started to trade AT&T between roughly 40.20 and 43.00. - Note that the overall mode is still bullish based on the fact that 1) price is above the 200- and 100-day simple moving averages (SMAs) and 2) the RSI is still holding above 40, which reflects maintenance of the prevailing bullish momentum.Bearish Scenario:- If price falls below 40.20, we can be looking for a slide back towards the lows in November, around 36.00. - This scenario would gain weight if price broke below 40, and came up to find resistance around 40.50, at most 41.00.Bullish Mode:- If price breaks above the 43.00 resistance, AT&T will be testing the 2016 highs around 43.90. - I think if price does break 43.00, the resistance around 43.90 will be vulnerable, and we should see AT&T break the 2016 high. - Looking at the weekly chart, we can see that price has made a dramatic V-shape reversal in 2016.- This V-shape reversal essentially tested a consolidation that held price range-bound for 3 years.- So, we can say that the market is looking at this 3-year consolidation as a base or a pivot, suggesting the market is bullish. - Therefore, I would anticipate more of a bullish bias and look to buy around 40.50. - However if price does break below 40.20, don't be surprised if the market wants to test the 36-37 area again.