Earnings Play: CenturyLink (CTL)

Possible pullback in play!

Trader 2

CenturyLink (CTL) is a one of the largest US telecommunications carriers and its current analyst consensus rating is 3 buy, 6 holds and 8 sells, according to Bloomberg.

From a technical point of view, on a daily chart, CenturyLink's stock price has just reached the top of an ascending channel.  The 20-day moving average has just crossed above the 50-day moving average forming a bullish cross. The RSI is over 50 and has been holding above a rising trend line. Price may pull back until it finds support around the $9.75 level before rebounding to test $11.50 resistance. If price can get above the $11.50 level, that would clear a path to $12.50. If price breaks below support at  $9.75 it will most likely continue to fall towards the $8.75 support level.           

Source: GAIN Capital, TradingView

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