Approaching Support: American Tower

Published on Thursday, 26 July 2012 06:24 Written by TradersHuddle Wire

New York, July 26th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) are trading very close to calculated support at $68.65 with price action closing at just $69.26 and placing the stock near levels where traders will start paying attention.

American Tower's stock range is defined by its calculated support defined at $68.65 and by the resistance level at $73.04, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to American Tower's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $73.04 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.