Shares of AT&T (T) - Get Report closed Wednesday's session with a 5% gain as upside trade swelled to its highest level since June of 2015. This powerful earnings inspired surge was the biggest single day gain for the stock in eight years. Earlier this month, we pointed out the stock's approach to a major support zone near the $36.00 area. T spent a little over a week basing near this zone. It is now quite likely a major bottom is in place. The stock is set up well for more upside and is far from overbought.