T closes within prior day's range after lackluster session
AT&T Inc. (T) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, T ended the month -2.15% lower at 29.58 after edging higher $0.01 (0.03%) today, underperforming the S&P 500 (0.77%). Trading up to $0.24 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (T as at Jul 31, 2020):
Friday's trading range has been $0.35 (1.19%), that's below the last trading month's daily average range of $0.46. 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. Prices continued to consolidate within a tight trading range between 29.20 and 29.89 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on March 24th, T gained 1.10% on the following trading day.
Prices are trading close to the key technical resistance level at 29.80 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 29.73 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 29.20 where further sell stops might get activated. Further selling could move prices lower should the market test June's close-by low at 28.92.
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 56.76% of the time on the next trading day after the market condition occurred.