Underwater fiber optic cables keep Japan's communication services running smoothly. A number of Japanese companies trading on the Nikkei are down today because of the damage to submarine communication cables. However, the largest network of cables is owned by a consortium of 14 companies led by AT&T, the damage to these cables, repairs, loss of revenue and possibly customers won't help out T's already ailing chart.
The macro view- a large broadening top which has broke to the downside and has bounced and looks now to be heading back down. Note the heavy red volume. I'd be interested in shorting this one on a break of the consolidation trendline around $28.
Here's the daily 3C chart, you can see we have a recent negative divergence on the parallelogram consolidation.
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