TMUS closes above its opening price after recovering from early selling pressure
Moving higher for the 2nd day in a row, TMUS ended Thursday at 56.68 gaining $0.15 (0.27%). Today's closing price of 56.68 marks the highest close since May 10th. Trading up to $0.12 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Thursday's trading range was $0.36 (0.64%), that's far below last trading month's daily average range of $1.59. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 57.03.
Although the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the nearby swing high at 57.03 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 56.00 where further sell stops could get activated. With prices trading close to this year's low at 55.09, downside momentum might accelerate should T-Mobile US break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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