Is American Tower Breaking Out?

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Is American Tower Breaking Out?

Published on Monday, 06 February 2012 07:08 Written by Christian Paolinetti

New York, February 6th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) closed the trading session at $63.37 just above calculated resistance at $62.97 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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.

American Tower's stock was trading in a well defined range with support at $55.03 and resistance at $62.97, given that this range was broken traders will be closely monitoring the stock

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