AT&T Inc

T is in Stage 4 – Decline characterized by a sequence of lower highs and lower lows under declining 50 and 200 DMAs. A recent momentum breakout has delivered a short-term bounce, but price is extended above the flattening 9 and 21 EMAs, making timing unfavorable. Medium-term structure remains Bearish as rallies fail at longer-term DMAs, so we defer selling until a pullback into the EMA zone or near the 50 DMA. The long-term Uptrend remains intact, anchoring the secular bias. We Trim into structural resistance and await a disciplined retracement for execution.

• ↑Q1 revenue $44B, up 2.9% YoY on fiber & internet growth
• ↑Added 584k fiber/fixed-wireless subscribers, best Q1 ever
• ↓Legacy service revenues fell 25% YoY, pressuring core margins