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Fan Yang

AT&T (T) Extends Bearish Correction; Focus is on 38

AT&T (T) share's price action has been sideways an then bearish in 2017. The bearish swing appears to be extending as we began the first trading day of May, a scenario we were anticipating for AT&T last week

AT&T (T) Daily Chart

(click to enlarge)

Monitoring 38.00:
- Price action is within a sideways consolidation since 2016. It is also part of a bearish correction that started in 2017. 
- But, the market is NOT bearish in the long-term.
- Therefore, we should still respect key support factors and there are some around the 38.00 handle.
- 37.75-38.20 is a support/resistance pivot area and there is also a rising trendline. 
- If we see price stall here and create a bullish divergence with the RSI, we should anticipate a significant bullish reversal with at least the 41.00 handle in sight.