T-Mobile US Inc. (TMUS) in a Bullish Breaokout from the August Consolidation Range
T-Mobile has been bullish in 2019, bouncing off of $60 and eventually tagging $85 in late July before entering a bearish correction/consolidation phase.
TMUS Daily Chart
(click to enlarge)
Bullish Breakout:
- After price retreated from $85, it landed on $76 and consolidated between that and a little above $78 throughout August.
- Last week, price broke above the consolidation range resistance.
- Note that the hold above $76 continued a trend of higher lows.
- Price remained above the 200-day simple moving average (SMA), and the RSI held above 40.
- These are all signs that bulls are still in charge here.
- Thus the bullish breakout at the end of last week could be a strong sign that TMUS is ready to challenge $85 again.