Short ATT? With Pleasure!

AT&T is a terrible, clandestine company and they deserve to fail. This is not the reason I am shorting them, however.

Since the downgrade on 10/09 the stock seems to have trouble achieving and maintaining new levels. Furthermore, the Ichimoku cloud indicates some resistance from above at 35.63 or so, there is a lot of room to spare before we reach that level. The OBV indicator tells us that there is decreased buying pressure, and the MACD has recently crossed over. Finally the RSI confirms that this is a 'sweet spot' to make a trade.

For intermediary profit targets consider the two levels drawn from the lows going back to early October at 33.18 and 33.00, but note that after that, its smooth sailing through the vacuum area to the high of 10/02 at around 32.61. Stop losses may be set analogously using the relative high at 33.73, the Ichimoku cloud at 33.63, or if it crosses over the line segment forming the upper bound of the wedge .
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