AT&T is giving us enough technical information to go ahead and put on a long position. This is the first time we are trading in the 2016 option chain. The reason I’m going so far out is because the calls are cheap enough to allow us to do so. It also gives us a long time to stick with the position, morph it into a calendar spread, and take in profits for more than a year till expiration. As you can see from the chart, there is a hammer candle bouncing off of a well-established role reversal support level.
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