« Merck Breaks Down | Main | ADI Nears Long-term Support »
May 31, 2006
AT&T Attempts to Buck the Market
AT&T tried to buck the market trend with a gap and trendline breakout last Friday, but the stock fell back with the rest of the market on Tuesday. The gap is still holding and this is positive. The stock needs to move above 26.5 to complete the breakout and turn fully bullish again. Notice that T firmed near the 200-day SMA and the Dec-Jan resistance zone (gray box). In addition, the decline formed a falling wedge and retraced 50-62% of the prior advance. The pieces for a continuation breakout are there. Now, show me the breakout at 26.5.
Posted by Arthur B. Hill at May 31, 2006 07:47 AM