T breaks below 20-day moving average
AT&T Inc. (T) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
T finished the week -3.09% lower at 31.67 after losing $0.56 (-1.74%) today. Today's closing price of 31.67 marks the lowest close since June 27th. Closing below Thursday's low at 31.90, AT&T Inc confirms its breakout through the previous session's low having traded $0.40 below it intraday.
Daily Candlestick Chart (T as at Jul 13, 2018):
Friday's trading range was $0.42 (1.32%), that's slightly below last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 31.50 during the day, the market bounced off the key support level at 31.61. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 20-day moving average at 32.15 today for the first time since July 11th.
With prices trading close to this year's low at 31.17, downside momentum might speed up should the share break out to new lows for the year. Further selling could move prices lower should the market test June's close-by low at 31.40.