AT&T Wave Analysis – 30 October, 2019

• AT&T reversed from resistance zone
• Likely to fall to 37.50

AT&T recently reversed down from resistance area lying between the key resistance level 38.60 (which stopped the previous impulse waves 3 and (i)) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier short-term impulse wave (iii) from the key support level 36.40.

Given the clear bearish divergence on the daily Stochastic indicator – AT&T is expected to fall further and retest the next support level 37.50.