T breaks back above 50-day moving average
AT&T Inc. (T) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, T ended the month -2.04% lower at 30.23 after gaining $0.32 (1.07%) today, slightly underperforming the S&P 500 (1.54%). Trading up to $0.30 lower after the open, AT&T managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 25th, T actually lost -2.15% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (T as at Jun 30, 2020):
Tuesday's trading range has been $0.63 (2.1%), that's slightly below the last trading month's daily average range of $0.69. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for T.
The share managed to close back above the 50-day moving average at 30.23 for the first time since June 18th.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 30.68 where further buy stops could get triggered.
Among the seven 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 340 times, T closed higher 57.06% of the time on the next trading day after the market condition occurred.