AT&T ends cautiously higher - Analysis - 27-04-2017

AT&T's stock (T) rose in the intraday levels, scoring a profit of 1.25% in the last session, or 0.50 points, as the stock attempts to recover some past losses, while getting hurt by a technical pattern that formed in the short term, the Symmetrical pattern, after piercing its support previously as shown in the attached chart, in another attempt to vent off the oversold saturation apparent in relative power indicators, countered by ongoing negative pressure from the SMA for the last 50 days period. 

Therefore we expect the stock to return lower in the coming trading, especially if it settles back below 40.38, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 36.10 to 43.03), targeting the next support at 39.57, which represents the ratio 50%.