AT&T $T has been bearish since July of 2016 after price missed the $44 per share mark. The weekly chart shows that price has dipped to a key support/resistance pivot going back to 2011.AT&T Weekly Chart(click to enlarge)Hammer at Key Support:- Last week, price tested the key pivot we mentioned above, around $31.70.- After the week closed, we saw a "hammer" candlestick, where we have a long tail downwards, and no body.- This candle simply reflects strong buying interest here around $31.70.- With market sentiment also recovering, we can expect at least some short-term rebound.- But because the overall trend seems to have shifted for AT&T, we should limit the bullish outlook.- For example, I would cap the bullish outlook to $36.00, or maybe $36.50, where price will face some key resistance factors.