T dominated by bears dragging the market lower throughout the day
AT&T Inc. (T) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
T finished Thursday at 31.93 losing $0.37 (-1.15%). Today's closing price of 31.93 marks the lowest close since May 10th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 32.05, AT&T Inc confirms its breakout through the previous session's low having traded $0.15 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (T as at May 17, 2018):
Thursday's trading range was $0.51 (1.58%), that's slightly below last trading month's daily average range of $0.55. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
In spite of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
Breaking below the key support level at 32.27 today, it is now likely to act as resistance going forward. After having been unable to move above 32.41 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 32.41.
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 32.48 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 31.81 where further sell stops might get triggered.