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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.