The move reads as a small relief bounce near the stock’s 52-week lows, even as the longer-term chart remains pressured.What Catalyst Is Driving AT&T’s Stock Movement?SurgePays disclosed that the agreement eliminates all remaining minimum spend commitments that previously required an aggregate minimum spend of $50 million over the initial three-year term. The revised agreement is expected to reduce subscriber acquisition and recurring service costs through improved wholesale pricing, supporting stronger operating margins.As part of the amendment, AT&T also agreed to waive approximately $10.3 million in previously billed minimum-commitment charges. This will reduce SurgePays’ accounts payable by the same amount and result in an estimated second-quarter 2026 gain of about $8.5 million from the reversal of expenses recognized in the first quarter.AT&T Stock Technical Analysis: Key Levels To WatchAT&T is still in a longer-term downtrend: the stock is trading 6.9% below its 20-day SMA ($22.38) and 19% below its 200-day SMA ($25.73), keeping rallies vulnerable to selling pressure. The 20-day SMA is below the 50-day SMA, and the death cross that formed in May (50-day below 200-day) reinforces that the primary trend remains bearish.Momentum also isn’t confirming a sustained turn yet: MACD is below its signal line and the histogram is negative, which typically signals that upside pressure is fading versus the prior upswing. In plain terms, MACD below the signal line suggests buyers usually need a stronger follow-through push to flip the momentum backdrop back in their favor.