AT&T recently reversed down from the combined resistance zone located between the key resistance level 31.00 (former strong support from March) and the 38,2% Fibonacci correction of the previous sharp downward impulse C from last month.
The downward reversal from this resistance zone stopped the earlier impulse wave C from the start of April – which belongs to wave (B) from March.
Given the strength of the aforementioned resistance zone – AT&T is likely to fall further toward the next support level 28.00.
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