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Market Insights

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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.

For more, please click here to view the related idea and chart analysis on TradingView.

About the author

David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.