The current trend says no - 8 is now acting as resistance as well, and the last several weeks are pushing it south. Put/call ratio is 1.43, with put exceeding call . What's hard to tell, imo, is this - is this hedging , straddle/strangle strategies?
I do believe, as in the recent past, this opens/pushes bull initially then falls bear. My top 2 strategies;
$T (29.00) 28 P 09/18 0.08
Strategy #1 - Limit/market buy 0.08
$T (29.00) 28.50 P 09/18 0.15
Strategy #2 - LIMIT Buy @ 0.08, thinking
this will open and run north to 29.26,
dropping premium to my limit buy 0.08
Strategy #2 fulfills 3 things - a great discount toward a put buy, a better put strike position, being 0.50 closer to underlying price and better delta!!
*Let's see what happens*
DISCLAIMER - I am not a professional trader. These are merely my thoughts and possible moves; i enjoy watching these stocks validate my process or slap me across the face lol. If you are in need of professional assistance with your trades, don't look here. I am not that guy.
That being said, i have hit a triple bagger on AT&T several times in the past. But options of course are hit and miss