Ripening Technicals

Shares of American Tower (AMT), the cell phone tower real estate investment trust, have pulled back from recent highs to an area of strong support. This support level has been reinforced by the stock's 50- and 200-day moving averages; the 50% retracement level of the pullback between the May high and the August low; and the 38% retracement level of the climb between the August low and the October high.

American Tower (AMT) -- Daily Source: StockCharts.com View Chart » View in New Window »

Over the last month, two distinct hammer candles have formed off that support level in American Tower, and another may be forming in Thursday's session. This price action resembles an inverse head-and-shoulders continuation pattern, with neckline resistance in the $78.50 area. A close in upper-candle range above the neckline would be a long entry point, with a trailing percentage stop under the 50-day moving average....253 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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