Technical Analysis: We can see Telstra shares have been mostly rangebound between the $3.84 to $4.05 zone most of the time with a relatively low degree of volatility. The stock was overbought above $4.20 twice in January this year (this is the level you would want to avoid buying into the stock), and then temporarily oversold in June reaching $3.62 at one point, with support tested multiple times at $3.88.