T dominated by bulls lifting the market higher throughout the day
AT&T Inc. (T) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, T finished Monday at 30.20 gaining $0.18 (0.6%), slightly outperforming the S&P 500 (0.27%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 30.06, the market confirmed its breakout through the previous session high after trading up to $0.14 above it intraday.
Daily Candlestick Chart (T as at Aug 10, 2020):
Monday's trading range has been $0.21 (0.7%), that's far 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 29.56 and 30.21 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
AT&T managed to close above the 100-day moving average at 30.01 for the first time since June 8th. When this moving average was crossed above the last time on June 8th, T actually lost -1.84% on the following trading day.
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 30.21 where further buy stops could get triggered. Further buying might move prices higher should the market test July's close-by high at 30.60.
Among the nine 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 339 times, T closed higher 57.23% of the time on the next trading day after the market condition occurred.