- Nearest Resistance: $36
- Nearest Support: $33.50
- Catalyst: Merger Progress
The FCC is recommending approval of AT&T's long-pending acquisition of DirecTV (DTV - Get Report), according to FCC Chairman Tom Wheeler. While the FCC's recommendation does come with some caveats, it also represents an important step as AT&T and DirecTV wait to clear the final regulatory hurdles before their $66 billion deal can be completed.
From a technical standpoint, AT&T has been in a well-defined uptrend going back to last December. As shares correct toward that long-term trend line support level this month, it's creating the possibility of a very attractive buying opportunity for AT&T. A bounce off of that trend line support level is the buy signal that buyers should wait for in July.
AT&T is set to report earnings on Thursday.