Shares of AT&T (T) have been on the defensive since early June when a rally fizzled. On the daily chart, below, prices are trading below the declining 50-day moving average line and below the still declining 200-day moving average line.
Prices are retesting the March low but the On-Balance-Volume (OBV) line has already made a new low for the move down. This weakness in the OBV line tells me that sellers of T have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is in a bearish alignment below the zero line.