American Tower ended 2023 by rallying from its lowest level in almost five years. Now, after a pullback, some dip buyers may see opportunity.
The first pattern on today’s chart is the price area between about $200 and 204. It marked the highs for AMT between May and July. The wireless tower company paused there late November before continuing toward $220. If this level holds, some investors may think old resistance has become new support.
Second, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in mid-December. That may suggest the longer-term trend is getting bullish again.
Third, stochastics dipped to an oversold condition.
Fourth, fundamentals may be improving after quarterly results beat estimates on October 26. The stock could also potentially benefit from lower interest rates.
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