Hello friends, today I am completing a technical analysis on the 1M linear scale chart for AT&T Inc. ( ATT ), traded on the NYSE.
#CryptoPickk notes the following:
1) AT&T price has been falling year over year since the all time high at around $60 in 1999. 2) The price has been moving inside of a triangle pattern with a lower trendline which has supported the price since 1994. The price is currently testing this trendline. 3) The RSI (relative strength index) is about to reach the oversold area on the monthly scale. This is the second time it has done so in its entire history. 4) The Volume has picked up significantly compared to the prior years. 5) If the price has a monthly close above the bottom trendline and stays above it, there may be a good chance the price will start moving upwards. 6) Most recently AT&T price fell fast due to growth and dividend issues. Management is working to address these issues. 7) Lastly, the Fibonacci Retracement levels are noted in case the price keeps falling.
What are your opinions on this?
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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If we go down further, we may be able to see support around $19.25-$19.75 range, which is multi-year support and resistance.