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May 09, 2006
AT&T Forms Falling Wedge
AT&T (T) is also a big telco with a recent surge. The stock moved from 22 to 28 and broke the 200-day SMA last year. T corrected over the last few months with a falling wedge and returned to the 200-day SMA. In addition, the Dec-Jan consolidation turns into support and there is a nice support zone around 25. The stock bounced last week and is challenging the upper trendline of the falling wedge. A move above 26.5 would break this trendline and open the door to 30.
Posted by Arthur B. Hill at May 9, 2006 11:07 AM