It's easy to see that telecom giant AT&T (NYSE:T) has been under selling pressure recently. The stock has been falling since it peaked in January at $43.03 a share. Today it's trading around $36. The pattern on the charts still remains weak as T trades below its 50- and 200-day moving averages.
Traders should now watch the $34 area as the next major support level, which is where the stock was defended in January 2016 and is likely to find new support when retested. Just remember that AT&T reports earnings on October 24.