U.S. equities were hit on Friday thanks to a surprise tariff tweet from President Trump toward Mexico. It’s got investors spooked about an escalating trade war. Let’s look at some top stock trades going into next week
Top Stock Trades for Tomorrow #4: AT&T
AT&T (NYSE:T) has been trading really well so far in 2019. Its series of higher lows have allowed AT&T to push new 52-week highs this year. But after a slight pullback over the past few sessions, the floor gave on Friday.
The stock tumbled over 4%, with reports suggestingAmazon (NASDAQ:AMZN) — which doesn’t look so hot itself and may well test the 200-day like we’ve been waiting for — might be interested in Boost Mobile.
It seems silly for T to fall on this, but no one wants to go against Amazon…in anything. So we’re seeing AT&T get lit up on Friday, with bulls hoping support comes into play soon. At $30.46 is the 200-day moving average, with the 38.2% retracement sitting at $30.35.
Below this area and $29.50 may be the next line in the sand — although its post-earnings lows are still north of $30.The sooner it reclaims the 50-day, the better. If not, more choppiness is to be expected.
By Bret Kenwell, InvestorPlace ContributorMay 31, 2019, 3:40 pm EDT