American Tower Close to Resistance

Published on Tuesday, 20 July 2010 18:28 Written by Danny Miller

New York, July 20th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) are trading very close to calculated resistance at $47.21 with the current price action closing at just $46.58 placing the stock near levels that make it difficult to buy.

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 current stock range is defined by current calculated support defined at $43.74 and by the resistance level at $47.21, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for American Tower, as the stock is well above support, however, as the stock pulls back towards $43.74 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $47.21 then traders will get an opportunity to enter American Tower stock by establishing a position as the stock moves to a higher range.