American Tower near Key Support Area

Published on Wednesday, 28 July 2010 06:48 Written by TradersHuddle Staff

New York, July 28th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) are trading very close to calculated support at $43.74 with current price action closing at just $45.61 places the stock price near levels where traders will start paying attention.

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 $46.92, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to American Tower's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $46.92 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.