AT&T shares close lower on Friday, all US states to participate in company’s public safety network

All 50 US states are expected to participate in AT&T Incs (T) nationwide broadband network, which the wireless carrier is establishing as part of a government contract worth $6.5 billion. The contract was awarded last March.

AT&T shares closed lower for the second time in the past seven trading sessions on Friday. The stock went down 0.77% ($0.30) to $38.88, with the latter also being an intraday low.

In the week ended on December 31st the shares of the communication service provider lost 0.15% of their market value compared to a week ago, which marked the first drop out of eight weeks.

The stock rose 6.87% in December, which marked a second consecutive month of gains.

For the entire past year, the shares of the NYSE-listed company retreated 8.58%, following a 23.60% surge in 2016.

AT&T is to receive 20 megahertz of wireless airwaves and success-based payments of $6.5 billion during the upcoming five years as part of the so called FirstNet project.

Alongside the 50 states, Washington D.C., Puerto Rico and the US Virgin Islands will also participate in FirstNet, the second largest wireless carrier in the US said.

AT&T also stated it projected to spend $40 billion in a period of 25 years in order to establish and maintain the broadband network.

Many analysts view FirstNet as an opportunity for AT&T to expand its portfolio of wireless airwaves, as consumers use an increasing amount of data on their mobile devices.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding AT&T Inc’s stock price, have a median target of $39.00, with a high estimate of $48.00 and a low estimate of $23.00. The median estimate is a 0.31% surge compared to the closing price of $38.88 on December 29th.

The same media also reported that 17 out of 27 surveyed investment analysts had rated AT&T Inc’s stock as “Hold”, while 6 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the AT&T stock are presented as follows:

R1 – $38.92
R2 – $38.96
R3 (Range Resistance – Sell) – $39.00
R4 (Long Breakout) – $39.12
R5 (Breakout Target 1) – $39.26
R6 (Breakout Target 2) – $39.32

S1 – $38.84
S2 – $38.80
S3 (Range Support – Buy) – $38.76
S4 (Short Breakout) – $38.64
S5 (Breakout Target 1) – $38.50
S6 (Breakout Target 2) – $38.44

By using the traditional method of calculation, the weekly levels of importance for AT&T Inc (T) are presented as follows:

Central Pivot Point – $38.97
R1 – $39.24
R2 – $39.59
R3 – $39.86
R4 – $40.12

S1 – $38.62
S2 – $38.35
S3 – $38.00
S4 – $37.64