AT&T Is Calling Up Higher Prices Ahead

In my June 5, 2024, update on AT&T T, I wrote that "Traders who went long T on my prior recommendation should continue to hold those positions. Risk to $16.75 now. The $22 area is my nearby price target with $26 after that." 

In the past few weeks, we have seen more consolidation on the charts and now we can project some higher targets. 

Let's review the charts again. 

In this daily bar chart of T below, I can see that the share price of T pulled back in early June before making a rally to a new high for the move up. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line. The On-Balance-Volume (OBV) line has moved higher with the price action and is also at a new high for the move up. A rising OBV line tells me that buyers of T have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and pointed higher. 

In this weekly Japanese candlestick chart of T below, I can see that prices and the indicators are moving in the right direction. Prices trade above the rising 40-week moving average line. The weekly OBV line has a positive trend and the MACD oscillator tells us that there is improving trend strength in this advance. 

In this daily Point and Figure chart of T below, I used a five-box reversal filter. Here, the software projects a potential upside price target in the $28 area. 

In this weekly Point and Figure chart of T below, I used the same five-box reversal filter. Here too we can see a $28 price target. 

Bottom line strategy: Traders who have acted on my prior recommendations to buy T should continue to hold those longs. Raise stops to $17.00. The $28 area is now my price target.

Employees of TheStreet are prohibited from trading individual securities.