AT&T price corridor collided with 100 SMA, rejected + bounce off
Hello Traders!
The 100 SMA has historically been a reliable support/resistance for the price of AT&T and if it hasn't already happened, it certainly looks like it will be rejected by it and bounce back down again. The MACD looks rather undecided but has just crossed under the 9 EMA. The RSI is relatively centered and far away from oversold. The sell signal is the price leaving its short-term corridor and with the 100 SMA rejecting the price once again, we can expect enough bearish momentum to build up for the price to fall to the 27.89 resistance. Whether the bearish momentum will be enough to break through this resistance and reach the second goal at 26.70 is too early to tell now.
VF Investment cannot be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
The 100 SMA has historically been a reliable support/resistance for the price of AT&T and if it hasn't already happened, it certainly looks like it will be rejected by it and bounce back down again. The MACD looks rather undecided but has just crossed under the 9 EMA. The RSI is relatively centered and far away from oversold. The sell signal is the price leaving its short-term corridor and with the 100 SMA rejecting the price once again, we can expect enough bearish momentum to build up for the price to fall to the 27.89 resistance. Whether the bearish momentum will be enough to break through this resistance and reach the second goal at 26.70 is too early to tell now.
VF Investment cannot be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
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