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
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks