T closes higher for the 2nd day in a row
AT&T Inc. (T) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, T finished Wednesday at 38.10 gaining $0.55 (1.46%), outperforming the S&P 500 (0.63%).
Daily Candlestick Chart (T as at Dec 04, 2019):
Wednesday's trading range has been $0.85 (2.26%), that's above the last trading month's daily average range of $0.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for T.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 50-day moving average at 38.01 for the first time since November 18th. After spiking up to 38.36 during the day, AT&T found resistance at the 20-day moving average at 38.34. The last time this happened on July 24th, T actually gained 1.71% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for AT&T. Out of 336 times, T closed higher 55.95% of the time on the next trading day after the market condition occurred.