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Wednesday morning, Standard & Poor's announced that it may cut AT&T's (T) credit rating because the company could have trouble reducing its debt load within a "reasonable timeframe."
The ratings house placed the communications firm on CreditWatch negative with implications, which includes the company's "A" rating and its "A-1" short-term and commercial paper ratings. S&P stated, that it expects "a potential downgrade of the corporate credit rating, if any, would be limited to one notch." This news has had very little impact on the stock, as shares of the titan of telecom were trading near break-even by late morning.
Technically, the stock is approaching levels not seen since April and May (see the chart), which could set up an interesting showdown between the stock and overhead resistance. When the shares advanced this high in April and May, they met resistance in the upper $26 region and quickly retreated. Will T garner enough momentum to break through this region?
It could, but there is one major technical indicator that suggests not. The stock has broken through the top Bollinger Band, suggesting that it should eventually work its way back to the middle of the channel. If this technical formation holds true to form, then the stock is set to drop a bit. If this is the case, the $26 region will win again and the stock won't even have a chance to try for the $27 level.
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