Don't Ignore This Chart!

T-Mobile (TMUS) Hangs On To New Highs


T-Mobile (TMUS) is never short of attention-getting advertising. In the stock world, nothing garners more attention than new 52 week highs. Last week T-Mobile moved to new highs but never really had a breakout size bar. It pushed above the new highs and then just inched higher each day. Today it pulled back all day but still made a higher high earlier on. If it pulled back to support this could be a nice entry around $43.50. 

The Relative Strength line shown in purple is trying to push 10-month highs so this will garner even more attention.

The volume candle on today's pullback was above average as shown in the zoom box on the right. That might indicate a little more selling to follow. With a high momentum shown on the MACD, this stock looks like a nice pickup closer to the red support line. A break below the support line would probably be a good place to exit as the New Highs would have been a false breakout.

With all the attention on Verizon this month, this stock is quickly making noise. It looks like a pretty clear call.

Good trading,
Greg Schnell, CMT, MFTA.


Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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