Technical Pulse: T-Mobile US Inc April 6, 2020 480

T-Mobile US Inc (US$81.98) – Technical SELL

Sell spot: 81.98     Stop loss: 90.00   Take profit: 63.50

 

T-Mobile (US: TMUS) rebound on 18th March 2020 looks promising after it formed a long bullish pin bar. But the subsequent rise looks problematic with many bearish signals. Based on the technicals, the rebound is more of a correction and the stock is setting its course on another bearish impulse move.

  1. The inverted pinbar on 2nd April 2020 has rejected the 50 Simple moving average line and the 61.8% Fibonacci retracement of 42-63.43.
  2. Subsequent candle closes with a bearish candle, confirming the bearish inverted pinbar. Also, the candle stick formation has formed an evening star pattern, setting a strong momentum for the bear.
  3. Price has broken out of the rising wedge formation, signalling a reversal coming.

 

*The technical call is valid for 3 weeks only.

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