Stock of the day: T-Mobile US
14 April 2023
Investors had a bit of a scare after the release of the FOMC Minutes, which caused indices and many stocks to reverse and created an ugly candle on the daily chart. But Thursday brought a turnaround in sentiment, and it seems that long positions are back on the menu! And in today's analysis, I have a very promising and fresh buy setup for T-Mobile US.
What's making me bullish on T-Mobile? Well, first off, the price has created a symmetric triangle pattern on the daily chart, with two ways to draw it – either using the orange tops for an aggressive approach or the green tops for a more conservative one. But here's the kicker: the price has broken through both upper boundaries of this formation! And to sweeten the deal, TMUS closed above the conservative line on Thursday, triggering a buy signal.
To add more weight to the buy signal, we've also denied the shooting star candle from the day before. So, in my opinion, the buy signal is still strong and will remain so as long as the price stays above the yellow horizontal support.