For the first time since joining the SIA S&P 100 Index Report last year, wireless carrier T-Mobile IS (TMUS) has climbed up into the Green Favored Zone. Yesterday it finished in 24th place, up 3 positions on the day.
Earlier this year, a retreat in T-Mobile US (TMUS) shares bottomed out after the $100.00 round number, a former resistance level, was successfully defended. Since then, the shares have been recovering, with the shares snapping a downtrend line.
Initial support has moved up toward $120.00 with initial resistance appearing near $135.00. A close above that level would confirm the start of a new upswing that could potentially retest the July 2021 peak near the $150.00 round number.
Between July and February, a long-term uptrend in T-Mobile US (TMUS) suffered a sizeable setback, dropping from near $150.00 back toward $100.00 before finally bottoming out. That selloff now appears to be over and the shares appear to be on the rebound, staging an initial rally in the late winter and recently establishing support at a higher level near $121.00, which also coincides with a 3-box reversal.
A close above $133.60 would complete a pending bullish double top and signal the start of a new upleg. Should that occur, next potential resistance could appear between the $150.00 round number and the 2021 peak near $150.45, followed by $176.25 where vertical and pending horizontal counts converge.
With a bullish SMAX score of 8, TMUS is exhibiting strength against the asset classes.
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