AT&T stock price (NYSE: T) defends $14.00 and buyers are trying their best to rebound. The stock price formed a bullish hammer candle near the support and attempted to break out of the 50-day EMA.
If buyers succeed, then the short-term trend might reverse in the upward direction. On a higher timeframe, T stock price seems to be spending time in the consolidation range between $14.00 to $16.00.
In mid-September, AT&T stock price tried to break out of the higher range to expand upward but the attempt failed and ended as a bullish trap.
However, the T stock price did not collapse much and buyers succeeded in holding the previous lows.
The price behavior of the AT&T shares is quite volatile. Moreover, the frequent spikes in the volume are high. Therefore, it showcases that short-term speculators are more as compared to genuine buying.
In the coming week, the volatility in the stock might increase due to quarterly earnings. Hence, investors need to be careful and wait for the confirmation of a breakout before creating any position.
Will AT&T Stock Price Recover After Quarterly Earnings?
AT&T stock price (NYSE: T) is in the recovery phase and forming a bullish reversal pattern. However, the confirmation of the trend reversal will come when buyers are able to break the $16.00 hurdle.
AT&T Inc. is expected to release its quarterly earnings on October 19, 2023. Analysts estimated an EPS of 0.62 and revenue of $30.205 Billion. If the company succeeds in beating the estimates, then the stock price might show a sharp rise.
Moreover, it will also increase the probability of the $16.00 breakout. On the other hand, if the company disappoints in earnings, then the stock might test the previous lows.
T Stock Price Trading Near Demand Zone
T stock price formed a strong base near $14.00 and the presence of buyers is visible. Till the stock price sustains above $14.00, any short-term correction might get easily absorbed.
However, in the short term, the stock price may react violently and a fake breakout or breakdown may happen.
The MACD curve is near the zero line and generated a negative crossover indicating mild bearishness. The RSI at 49 denotes neutral territory and the balance between bullish positions.
Conclusion
AT&T stock price (NYSE: T) holds the $14.00 support and buyers are trying their best to rebound.
The next direction of the T stock might be visible after the release of quarterly earnings. The analysis suggests that AT&T share price is expected to react positively after the earnings.
Technical Levels
- Resistance levels: $16.22 and $17.00
- Support levels: $14.00 and $13.44
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/12/att-stock-analysis-t-stock-price-prepares-to-react-in-earnings/