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Shares of AT&T (T) are working on a nine-day losing streak. This steep selloff has driven the stock over 6.5% lower, taking out layers of support in the process. Late last week, T&T fell below the June Brexit bottom and has remained under this key level so far this week. As overhead pressure continues to build, more downside is ahead -- and with it a very low-risk entry opportunity for patient investors.

After surging over 16% from the May low, AT&T stalled just below $44. The stock left behind an ominous downside reversal on July 5 at this level. AT&T faded over the next three sessions before entering a narrow consolidation. The stock continued to work through this healthy pattern for the next four weeks until last Tuesday's nasty breakdown. AT&T fell nearly 2.5% on that day as an aggressive four-day selling wave hit the stock. AT&T's consolidation pattern had come to an end with a total breakdown.

Further downside follow-through will soon create a very low-risk entry opportunity for patient bulls. A drift down to the $40-to-$39.50 area would retest AT&T's March/May highs. This key support zone also represents a one-third retracement of the stock's entire 2016 range. As this area comes into play, the stock will return to an oversold reading in its moving average convergence/divergence indicator.

AT&T investors should be prepared to take advantage. Until then, AT&T could prove to be a frustrating long.

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This article is commentary by an independent contributor. At the time of publication, the author was long T.