AT&T shares fall for a fourth session in a row on Monday, deadline for Time Warner deal extended

According to a statement by AT&T Inc (T) on Monday, the deadline for the closure of the proposed acquisition of Time Warner Inc has been extended by a “short period” of time, so that the required regulatory approvals can be obtained. The prior termination date was October 22nd.

AT&T shares closed lower for a fourth consecutive trading session on Monday. The stock went down 0.82% ($0.29) to $35.25, after touching an intraday low at $35.19, or a price level not seen since September 8th ($35.10).

In the week ended on October 22nd the shares of the communication service provider lost 0.45% of their market value compared to a week ago, which marked a third consecutive period of decrease.

The stock has extended its loss to 10.01% so far during the current month, following a 4.56% surge in September. The latter has been the best performance since December 2016.

For the entire past year, the shares of the NYSE-listed company gained 23.60%. However, the stock has retreated 17.12% so far in 2017.

The $85.4-billion acquisition of Time Warner is to provide AT&T with control of CNN and HBO TV channels, Warner Bros film studio as well as other media assets, Reuters said in a post.

AT&T is expected to report on its third-quarter performance on Wednesday. Analysts on average expect earnings of $0.75 per share on revenue of $40.2 billion. A consensus of estimates also points to earnings of $2.93 per share for the entire 2017.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding AT&T Inc’s stock price, have a median target of $41.00, with a high estimate of $48.00 and a low estimate of $23.00. The median estimate is a 16.31% surge compared to the closing price of $35.25 on October 23rd.

The same media also reported that 18 out of 28 surveyed investment analysts had rated AT&T Inc’s stock as “Hold”, while 6 – as “Buy”. On the other hand, 1 analyst 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 – $35.29
R2 – $35.34
R3 (Range Resistance – Sell) – $35.38
R4 (Long Breakout) – $35.51
R5 (Breakout Target 1) – $35.66
R6 (Breakout Target 2) – $35.72

S1 – $35.21
S2 – $35.16
S3 (Range Support – Buy) – $35.12
S4 (Short Breakout) – $34.99
S5 (Breakout Target 1) – $34.84
S6 (Breakout Target 2) – $34.78

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

Central Pivot Point – $35.80
R1 – $36.19
R2 – $36.85
R3 – $37.24
R4 – $37.64

S1 – $35.14
S2 – $34.75
S3 – $34.09
S4 – $33.44