AT&T Is Struggling to Make a Fresh Base Pattern

 | Jun 27, 2017 | 3:15 PM EDT
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AT&T Inc. (T) made a sharp rally to a early January peak. Since the beginning of 2017 the price of T has been stalled at best and has weak at its worst giving back much of its late 2016 surge.

Prices are trying to hold the $37.50 level but with our indicators looking weak we are not optimistic right now.

In this daily bar chart of T, below, we can see a bearish dead cross in May as the 50-day moving average line fell below the declining 200-day moving average line. The daily On-Balance-Volume (OBV) line tells us that sellers of T have been more aggressive since March and the trend-following Moving Average Convergence Divergence (MACD) oscillator is turning down again below the zero line.

In this weekly chart of T, below, we can see that prices are below the declining 40-week moving average line. The weekly OBV line is pointed down, telling us that sellers on this timeframe have been aggressive. The MACD oscillator is below the zero line in a sell mode.

Bottom line: If T cannot hold $37.50 it is probably going to test the $36 level and could slip further.

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