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.
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