Shares of American Tower (AMT) were raised to an overweight rating by a major sell side firm Tuesday with a $285 price target. AMT is a very large, global real estate investment trust with an attractive yield.
Let's check out the charts. 
In this daily bar chart of AMT, below, we can see that prices made lows in February and May and a retest of the May low in June. Prices are trading below the declining 50-day and 200-day moving average lines but these are lagging indicators.
The daily On-Balance-Volume (OBV) line shows improvement from late February and a shift from aggressive selling to aggressive buying.
The Moving Average Convergence Divergence (MACD) oscillator made a higher low in May when prices made an equal low and that bullish divergence is a positive for AMT.
In this weekly Japanese candlestick chart of AMT, below, we can see some "interesting" developments. Notice the lower shadows on the candles in February and May as traders rejected the lows. The slope of the 40-week moving average line is negative but prices have pushed up to give it two strong tests. The next test of the 40-week line could be stronger.
The weekly OBV line shows a rise from February and suggests that buyers are being more aggressive. The MACD oscillator shows a cover shorts buy signal and is moving up towards the zero line and hopefully a new buy signal in the weeks ahead.
In this daily Point and Figure chart of AMT, below, we can see a potential downside price target in the $195 area but a trade at $243.33 is likely to improve the picture.
In this weekly Point and Figure chart of AMT, below, we can see a bullish price target in the $383 area - about $100 higher than the fundamental price target.
Bottom line strategy: Aggressive traders could go long AMT on strength above $244 risking to $230. The $270 area is our first price target for now.
