T closes within previous day's range
AT&T Inc (T) Technical Analysis Report for Sep 14, 2018
T finished the week 4.61% higher at 33.60 after losing $0.08 (-0.24%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.35 (1.04%), that's slightly below last trading month's daily average range of $0.39. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After trading as low as 33.30 during the day, the market bounced off the key support level at 33.58. The failure to close below the support might increase that levels importance as support going forward. The share ran into sellers again today around 33.65 for the third trading day in a row after having found sellers at 33.69 in the prior session and at 33.65 two days ago.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 33.69 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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