A sell-side fundamental analyst upgraded his company's recommendation on AT&T (T) to "Overweight" Thursday, so this is a good time to take another look at the charts and indicators.
In our October 12 review, we wrote that "I don't pretend to know why investors are shunning T but it is clearly in a serious downtrend and traders should not anticipate support to develop based ancient charts. We had a negative view of things on July 22, and we would continue standing on the sidelines."
Let's see if anything has improved.
In this updated daily bar chart of T, below, we can see that prices have slipped lower since our October 12 review. T is still trading below the bearish 50-day moving average line and the bearish 200-day line. The On-Balance-Volume (OBV) line is still in a decline suggesting that sellers of T are being more aggressive with heavier trading volume being transacted on days when T closes lower. The Moving Average Convergence Divergence (MACD) oscillator is still bearish.