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  1. Home
  2. / Investing

Did You Hear Our Call? AT&T May Now Rally to Our Next Targets

If you took our recommendation to buy T on June 28, you are in the driver's seat, and now $41 and then $55 are our next price targets.
By BRUCE KAMICH
Sep 09, 2019 | 02:02 PM EDT
Stocks quotes in this article: T

AT&T Inc. ( T) is in the news Monday with reports that Elliott Management is now the owner of $3.2 billion worth of T. In addition, Elliott Management sent a letter to the board of the company outlining steps to lift the stock price to $60 or more by the end of 2021. We were positive on the stock back in late June, noting that "Traders and investors should consider going long T at current levels and on strength. Risk below $30 looking for gains to the $38-$42 area in the months ahead."
 
With T reaching the bottom-end of our target price, a new look at the charts seems in order.
 
In this updated daily bar chart of T, below, we can see a bullish set-up leading into Monday's gap to the upside. Prices have been in an uptrend from the late December nadir. T is above the rising 50-day moving average line and last month the slope of the 200-day line turned positive.
 
The On-Balance-Volume (OBV) line has been in an uptrend from December and has made new highs with the price action. The buying of $3.2 billion in stock has obviously pushed up the OBV line. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish configuration above the zero-line.
 
 
In this weekly bar chart of T, below, we can see that the bulls are in control. Prices are above the rising 40-week moving average line. The weekly OBV line is pointed up and so is the MACD oscillator. All are bullish.
 
 
In the weekly close-only Point and Figure chart of T, below, we can see a lot of price history. A weekly close at $38 or higher will give us an upside breakout on this chart and open the way to a projected $55 price target.
 
 
Bottom line strategy: If you took our recommendation to buy T back on June 28 you are in the driver's seat. Now $41 and then $55 are our next price targets. Enjoy. Risk a close below $34.50 now.
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TAGS: Investing | Technical Analysis | Technology | Telecommunications | Television Production/Distribution | Telecom Services

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