Extremely Disturbing Zero Bounce On Up Day, In Fact T Continues To Tumble!
I knew T would get slammed as interest rates rose but the degree and speed of this massacre has surprised even me. This horrific tumble has obviously gone well beyond interest rate concerns and is now focused on Wall Street's expectation T's future earnings will fall well short, that the dividend is in jeopardy. Too much competition, no growth, pension obligations...A very troubling trilogy.
T has very strong support in the high $32 range but watch the chart and don't buy until the Stochastic and the RSI turn up. If you already own shares, sell covered calls. It is almost like getting extra dividends.
I forgot the link to the chart: