NYSE:T may be ready to breakout.
By Mill Chart
Last update: Feb 3, 2023
AT&T INC (NYSE:T) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:T.
What is the technical picture of NYSE:T telling us.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Taking everything into account, T scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and longer term time frames. Compared to the overall market however, T is a bad performer.
- Both the short term and long term trends are positive. This is a very positive sign.
- T is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
- T is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.
Looking at the Setup
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:T scores a 8 out of 10:
T has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 19.1, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for T in the last couple of days, which is a good sign.
How to trade NYSE:T?
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
AT&T INC
NYSE:T (4/19/2024, 9:15:07 PM)
After market: 16.4509 -0.06 (-0.36%)16.51
+0.18 (+1.1%)
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