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Fan Yang

T-Mobile (TMUS) - Potential Buy-on-the-Dip Candidate

T-Mobile has been on a bullish trend since mid-2018 when price broke above a year-long consolidation.

TMUS Weekly Chart

(click to enlarge)

Pullback:
-  The weekly chart above shows a bullish long-term trend, which has kept price above the 200-week simple moving averages. 
- We did see a period of consolidation in 2017 and the first half of 2018. However, price broke out late in year and has remained persistent.
- Since mid-May and Throughout June 2019, price has been consolidating under the $83 mark.
- We already saw one swing that came down to $74. Now, we are seeing another one that has pushed lower.
Buy-the-Dip?
- I entered a position that was half of my planned exposure during the first dip in May.
- Now, I am looking to add to that if price falls to $70 area, around the 200-day simple moving average (SMA).
- I think the $68.70 to $71 area represents a key support area for the bullish outlook.
- If price instead rebounds from above $71 and pushes above $76, there is a stronger likelihood that bulls will remain in charge, without mush pullback potential in TMUS.

TMUS Daily Chart

(click to enlarge)

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