T - Looks like Slow Bleed back down to $31ish Soon

Cutting dividend yield, bad merger. All around selling gonna happen IMO.

(Opinion Only)

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Bear wedge/pennant.

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I think rejects again here and goes further down back towards $31

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This could continue to spiral down as dividend investors liquidate.

Sub-$30 coming soon in my opinion.

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This thing isn't done going down in my opinion.

Today showed capitulation by the div yield crowd that has been longterm holders of T for the div yield.

As ATT management has essentially thrown in the towel as of today, this will see medium to longterm pain back down to at least $28-25 in my opinion.

All this company had going for it was two things which will now be gone, making it a luckluster cell phone company stock from here forward...:

1) HBO Max
2) Div Yield

Sell the resistance level (my opinion only - not advice)
$32.10 is resistance of today's nasty down trend.

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When 31.86 breaks; this sees 31 fast IMO.

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No bid for (T) shares here into the close; shows us more downside likely this week.

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Bearish engulfing candle that closed below the open gap, and closed below the prior resistance level.
Points to more down-side near term IMO.

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Three Day rule - I wouldn't long this until everyone that wants out is already out.

This struggled around 28-29 area for a long time so I think it heads back to that same exact battleground area.

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Target #2 possible this morning at $29 as div yield holders liquidate.

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Another bear flag? Maybe sub-$29 here at the open..

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Expect this level to be resistance.
It is the 100day and short term trend resistance level.

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Below 29.74 nd we see 29.20s again fast.

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My guess is that ATT closes at 29 or maybe just below it around the lows of this morning..

StockPickingEnthusiast

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