AT&T TUMBLES BELOW 200-DAY MOVING AVERAGE

John Murphy
by John Murphy,
Chief Technical Analyst, StockCharts.com

AT&T GAPS BELOW KEY SUPPORT... AT&T (T) is gapping down today below its 200-day moving average and bottom of the neutral range that its been trading in since early November (see shaded rectangle). The stock is down close to 20% on massive volume and is currently trading below its prior October low. Chart #2 shows the weekly version of AT&T. The MACD histogram (below chart) is just shifting into negative territory which implies that the stock may continue to trade downward towards its July low. AT&T is one of the Dow component stocks therefore its dramatic decline today is weighing the Dow down and also dragging other telecoms lower. More later...

Chart 1

Chart 2

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John Murphy
About The Author:

John is a renowned author in the investment field and former technical analyst for CNBC. Considered the father of intermarket technical analysis, his books include “Technical Analysis of the Financial Markets” and “Trading with Intermarket Analysis”. Learn More 

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