TMUS dominated by bulls lifting the market higher throughout the day
T-Mobile US Inc. (TMUS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TMUS finished the week 12.92% higher at 96.48 after gaining $1.34 (1.41%) today, notably outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 96.48 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 96.15, T-Mobile US confirmed its breakout through the prior session high after trading up to $0.46 above it intraday.
Daily Candlestick Chart (TMUS as at Feb 14, 2020):
Friday's trading range has been $1.59 (1.67%), that's slightly above the last trading month's daily average range of $1.53. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TMUS.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 96.27 (now S1), which is likely to act as support going forward. The last time this happened on February 6th, TMUS gained 3.23% on the following trading day. The market ran into sellers again today around 96.61 for the third trading day in a row after having found sellers at 96.15 in the previous session and at 96.27 two days ago.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 84.52.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for T-Mobile US. Out of 154 times, TMUS closed higher 51.95% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.64% with an average market move of 0.92%.