Telecom Stocks Retreat, But Know These Trade Levels

Two of the leading telecom stocks in the U.S. are Verizon Communications (NYSE:VZ) and AT&T Inc (NYSE:T). Recently, these two companies have been on the prowl for acquisitions. Verizon has bought AOL and Yahoo Inc (NASDAQ:YHOO) over the past year trying to boost its online presence. AT&T Inc has bought Direct TV and Straight Path Communication. Many analysts are expecting these two telecom giants to try and make other acquisitions in the near term future. This expectation should continue to keep the pressure on these two leading telecom stocks.

 

Traders and investors should take note that Verizon Communication stock will have very good chart support around the $46.25 level. This area that has been defended by the institutional money in January and November of 2016. This area seems to be the line in the sand for the stock and should be the next major level to buy the stock again.

The next major support level for AT&T stock will be around the $38.40 level. This is an area where the stock broke out in November 2016 and should serve as an important trade level again when tested.

 

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