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American Tower Corp (NYSE:AMT) – Time To Be Cautious In The Stock

Boston, MA 04/08/2014 (wallstreetpr) – American Tower Corp (NYSE:AMT) (Closed at $80.67, Down 0.07%) opened positive but selling pressure came during the last half hour of the trading session and it went on to close negative. There is lack of news flow for the stock which kept it quiet from the past one and a half month. The volume keeps on increasing during this consolidation and yesterday also it recorded the highest volume of last two weeks at 3.48 million. The company is set to pay its quarterly dividend on April 25, 2014 but this news also doesn’t have much effect on stock prices.

Technically the stock of American Tower Corp (NYSE:AMT) has been hovering around 50 day moving average but most of the times it has closed below 50 DMA which maintains a slightly weak stance on the stock. But the stock is in long term uptrend where the recent swing low is at $78 which is the strong support zone for the stock prices. The 200 DMA for the stock comes near $76 levels which the stock had respected in the past and a close below $79.70 may drag the stock lower to $76 levels also.

The RSI readings suggest that the stock may not be able to maintain its uptrend in the near term as it is falling from 55-60 levels and testing the lower levels of 40. The momentum oscillator is also not suggesting any chances of recovery in the stock but to break lower and went on to test its long term moving averages.

Currently the stock of American Tower Corp (NYSE:AMT) is holding above its recent swing low of $78 where there are strong support levels for the stock. To keep the bullish hopes alive in the stock it must hold above $78 below which prices can slide further to 76$. Investors having long positions must exit this stock below 78$ until then the positions can be maintained in the stock.

Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.

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