TMUS closes within prior day's range after lackluster session
T-Mobile US Inc. (TMUS) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
TMUS finished Thursday at 106.01 edging lower $0.12 (-0.11%), underperforming the Nasdaq 100 (0.61%) ahead of tomorrow's Independence Day OBS market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TMUS as at Jul 02, 2020):
Thursday's trading range has been $1.99 (1.86%), that's far below the last trading month's daily average range of $3.52. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TMUS. Prices continued to consolidate within a tight trading range between 103.85 and 107.34 where it has been caught now for the last three trading days.
Prices are trading close to the key technical resistance level at 106.72 (R1).
Although the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might accelerate should prices move below the close-by swing low at 103.85 where further sell stops could get triggered.