$T Should Give Us at Least a Countertrend Bounce

Despite the bear flaggy look, $T is coming out of deeply oversold territory and has trend line support. We may expect at least a countertrend bounce to the target area, if not a completion of the sideways correction.

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One reason we may allow ourselves to be skeptical of the “bear flag” is that the trend line giving us that appearance here locally since the crash lows actually extends much further back in time. It has actually supported the stock since 2003 and we have no reason yet to believe that it won’t do so again.

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[UPDATE]: Amazing that we broke such long-term support without even a fight. I will file this under “Unsuccessful Calls.” All I was looking for a was a bounce, and boy, we didn’t get it. I have updated this call here.

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