Daily Stock Report

American Tower - (AMT) - August 9, 2022

American Tower (AMT), a real estate company that owns wireless and broadcast communications transmission facilities, has been rising up the relative strength rankings in the SIA S&P 100 Index Report for the last six months. In June, it returned to the Green Favored Zone for the first time since August of 2020. 

A major breakout is underway in American Tower (AMT) shares. Since a successful retest of $220 support back in May, a bullish Ascending Triangle base of higher lows below $270 had formed and has been successfully completed by yesterday’s big breakout that also snapped a downtrend resistance line. A recent successful retest of the 50-day average and the $250 round number, which the latest rally launched off of, also indicates increasing investor support. 

Initial support continues to climb and currently appears near $265 then $260. Next potential resistance on trend appears at previous peaks near $290 and $298, then the $300 round number and $320 based on a measured move from the Ascending Triangle base. 

Back in May, a retreat in American Tower (AMT) shares bottomed out with a successful retest of support near $320.00. Since then, the shares have been resuming their longer-term uptrend with a new series of higher lows indicating renewed accumulation. This month, the shares have broken a downtrend line and completed a bullish Triple Top pattern to confirm the start of a new upswing. 

Initial resistance may appear at a previous column high near $290.25, with more possible in the $300.00-$302.00 area where a round number and a horizontal count converge with the previous all-time high. Initial support appears near $247.70 based on a 3-box reversal.  

With a perfect SMAX score of 10, AMT is exhibiting strength across the asset classes.  

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