Nearest Resistance: $21
Nearest Support: $19
Catalyst: Technical Setup
Mexican phone carrier America Movil (AMX - Get Report) is finally catching a bid today, up 3.5% this afternoon after getting shellacked for the past two months. Shares are bouncing on high volume today, after this stock found a pocket of support at $19. If nothing else, that should buy AMX shareholders a little more time above water.That said, as a trader, I wouldn't recommend being a buyer here. Support's still too tentative to risk seeing AMX's bids evaporate. I'd recommend waiting for shares to push through today's high-water mark before trying to get opportunistic in America Movil.
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