Close to the 50 Day Moving Average: American Tower

Published on Thursday, 06 September 2012 06:16 Written by TradersHuddle Wire

New York, September 6th (TradersHuddle.com) - American Tower Corporation (NYSE:AMT) closed the trading day at $70.94, near its 50 day moving average that is set at $70.77. American Tower's price action is just above this important support level, providing 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.

The peaks and troughs algorithm shows calculated support at $69.84 and calculated resistance at $75.62. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on American Tower should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.