We have been stalking the bearish correction in AT&T's (T) stock price. Recently, we anticipated the bearish break below the a consolidation range support. Then we noted a key support around 38.00 where T is indeed finding buyers.AT&T (T) Daily Chart(click to enlarge)Support at 38:- The 37.50-38 area represented a support/resistance pivot area. - Also, there was a rising trendline. - Furthermore, the RSI dipped below 30, a sign of the market being oversold.Market in Consolidation:- The market has been in consolidation since summer of 2016. - T could be in the middle of an ABC correction, which would project the current downswing below the Nov. 2016 low of 36.10. - On the other hand, it is just as likely that the consolidation is more of a sideways one. For example, we could see a triangle forming, in which case price might rally up to 41, 41.50 before finding resistance.- If we juggle both scenarios, we could anticipate a rally towards 40, 40.50. The 39.50-40.50 area is a key support/resistance pivot area. - If T gets turned around here around 40, then the ABC correction scenario is more likely, and we should anticipate price coming down to at least test the 36-36.10 support area with 35 in sight.AT&T (T) Weekly Chart(click to enlarge)