Monday, July 16, 2018 12:17:19 PM
Everyone in the trading world is talking about AT&T (NYSE:T) these days. As you all know, the communications giant recently won a case against the DOJ regarding a merger with Time Warner. Since that court ruling the shares have continued to slump. Last week, the DOJ said that they would appeal the court decision.
The truth of the matter is that AT&T (NYSE:T) shares topped out in July 2016 at $43.89 a share. Since that pivot top in the stock price the share has dropped sharply and currently trade at $31.87 a share. Traders and investors should now watch the $29.65 level for support. This important support area is a major retrace level for the stock. Often, major retrace levels will serve as excellent support when retested.
Nicholas Santiago
InTheMoneyStocks
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