AT&T stock looks bullish now

4일 전

Hi Traders

AT&T Inc (T) is in an uptrend since August ’23. The price level broke the resistance of $21.3 and seems to confirm the fact that the old resistance level serves as a support level right now. I suspect the stock to make new higher highs as long as the uptrend doesn’t get invalidated. In other words, if the stock price doesn’t fall below it’s support range between $21.2 and $22.8. We can, thus, see this range as the buy area.

Also in terms of fundamental analysis, there is something to say about this stock. Shares of AT&T have gained 28.7% in the past six months, outperforming the Zacks Wireless - National industry, which has returned 25.4% over the same period. Per the Zacks analyst, the company is likely to gain from increased deployment of mid-band spectrum, along with greater fiber densification. The planned commercial-scale open radio access network across the country will additionally help it build a more robust ecosystem of network infrastructure providers and suppliers. Therefore, the stock seems bullish.

Entry this trade in the price range of $21.2 - $22.8

stop loss at $20.85
and target a share price of $27.65.

2 possible scenarios are shown on the chart

Good luck