AT&T shares fall for a fourth straight session on Friday, company to launch 5G at three more locations by the end of 2018

AT&T Inc (T) announced on Friday that it intended to launch its next-generation wireless network at three more locations – Oklahoma City, Charlotte and Raleigh, North Carolina, by the end of 2018. Andre Fuetsch, the companys Chief Technology Officer, however, did not specify a date for the launch.

AT&T shares closed lower for a fourth consecutive trading session in New York on Friday. The stock went down 0.54% ($0.17) to $31.10, after touching an intraday low at $31.04, or a price level not seen since August 24th 2015 ($30.97).

Shares of AT&T Inc have retreated 20.01% so far in 2018 compared with a 4.80% gain for the underlying index, S&P 500 (SPX).

In 2017, AT&T Inc’s stock fell 8.58%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

According to Fuetsch, AT&T selected the particular locations depending on where it already held spectrum (or data-carrying airwaves) and whether these areas made it possible for the company to install the infrastructure required.

AT&T had previously said that mobile 5G network would also be established in Waco, Texas and Atlanta, Dallas by the end of 2018 along with six other locations that have yet to be announced.

Since smart phones that support 5G may be available no sooner than 2019, AT&T intends to launch a puck-shaped device which will enable customers to access the 5G network by using their current mobile devices.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding AT&T Inc’s stock price, have a median target of $37.00, with a high estimate of $43.00 and a low estimate of $24.00. The median estimate represents an 18.97% upside compared to the closing price of $31.10 on July 20th.

The same media also reported that 19 out of 33 surveyed investment analysts had rated AT&T Inc’s stock as “Hold”, while 9 – as “Buy”. On the other hand, 3 analysts 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 – $31.13
R2 – $31.16
R3 (Range Resistance – Sell) – $31.19
R4 (Long Breakout) – $31.29
R5 (Breakout Target 1) – $31.40
R6 (Breakout Target 2) – $31.44

S1 – $31.07
S2 – $31.04
S3 (Range Support – Buy) – $31.01
S4 (Short Breakout) – $30.91
S5 (Breakout Target 1) – $30.80
S6 (Breakout Target 2) – $30.76

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

Central Pivot Point – $31.42
R1 – $31.79
R2 – $32.49
R3 – $32.86
R4 – $33.24

S1 – $30.72
S2 – $30.35
S3 – $29.65
S4 – $28.96