Close to the 50 Day - American Tower

Published on Monday, 23 January 2012 06:44 Written by Christopher Lynn

New York, January 23rd (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) closed the trading day at $61.51 close to its 50 day moving average currently set at $59.02. American Tower's price action is just above this important support level translating into a trading opportunity.

American Tower Corporation (NYSE:AMT) owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries. American Tower also offers a variety of network development services.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $55.03 and calculated resistance at $62.97. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on American Tower will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.