Technical Pulse: AT&T Inc August 1, 2019 339

Support 1: 34.24                     Resistance 1: 31.48

                                                 Resistance 2: 30.04


AT&T strong bullish hammer reversal on 23rd July 2019 was short-lived when prices entered into a false breakout at the resistance of 31.48. The formation of the dark cloud cover is followed by a gravestone doji rejection at the top resistance. It clearly shows that the bear is in charge. On top of that, the stock rejection of the top has formed a potential double top formation.

The stochastic oscillator is showing a potential overbought cross over, and the Relative Strength Index (RSI) is showing a bearish divergence. These indicators signal a strong bearish sentiment.



Red dotted line = 200 periods moving average

Blue dotted line = 50 periods moving average

Green dotted line = 22 periods moving average

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