American Tower: Old Resistance, New Support at Key Line?

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American Tower is the largest owner of wireless towers, and the largest member of the real-estate sector.

It’s been in a long-term uptrend thanks to the spread of wireless communications, having doubled between early 2017 and early 2019. It hit new all-time highs last summer, pulled back for half a year and now may be showing signs of a turn.

The first important pattern is the 50-day simple moving average ( SMA ). Notice how it held prices in check in September and November. However AMT is now trying to bounce at the same line. Is old resistance becoming new support?

Next, stochastics are oversold on the daily chart . A rebound here could help validate the 50-day SMA as support.

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