AT&T Wave Analysis 23 January 2024

– AT&T reversed from support level 16.20

– Likely to rise to resistance level 17.40

AT&T rising inside the short-term impulse wave 5, which started earlier from the support level 16.20, which has been reversing the price from the end of November (which it served as the resistance).

The support level 16.20was further strengthened by the 50% Fibonacci correction of the sharp upward impulse from the end of October.

Given the strength of the clear daily uptrend, AT&T can be expected to rise further to the next resistance level 17.40 (top of the previous impulse wave 3).