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AT&T Is on the Verge of a Breakdown

Shares of AT&T (T - Get Report) are on the verge of a breakdown. The action over the last two weeks is beginning to look very toppy. AT&T, which goes ex-dividend today, is off 1.5% in early trade and remains near the lower band of its three-week range, but a break of this range now appears likely.

In the near term, AT&T investors should keep a close eye on last week's lows near $38.60. A drop below this support level could spark a much-needed pullback.

At last...