Everyone in the trading world is talking about AT&T (NYSE:) these days. As you know, the communications giant recently won a case against the DOJ regarding a merger with Time Warner. Since that court ruling, the shares have continued to slump. Last week, the DOJ said it would appeal the court decision.
Watch This Support
The truth of the matter is that AT&T topped out in July 2016 at $43.89 a share. Since that pivot top in the stock price, it has dropped sharply and currently trades at $31.87 a share. Traders and investors should now watch the $29.65 level for support. This important support area is a major retrace level for the stock. Often, major retrace levels will serve as excellent support when retested.
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