Technical Analysis of Financial Markets

Monday, December 11, 2006

AT&T, Inc. (T)

After 6-month rally gaining 44%, AT&T seems like it has run into a double-top formation on declining volume; -stochastics are signalling overbought conditions and are poised to cross lower. Enter short-sell for a possible pullback towards initial support at the 14.6% and 23.6% Fibonacci retracements at $33.43 and $32.45. Buy on break and close above $35 with price target towards Fibonacci extension at $37.96.

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