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Fan Yang

Sprint Corp. (S) in a Cup-and-Handle Pattern

Sprint $S continues to consolidate. Since August, price has been trading roughly between $5.60 and $6.60. When we look at the daily chart, we can see that this range can be assessed as the "handle" part of a cup-and-handle pattern.

S Daily Chart

(click to enlarge)

Price Bottom?
- We can see that price action since late 2017 throughout August of 2018 was a rounded bottom.
- However, as price has yet to clear above the neckline.
- Instead, a "handle" has been developing. 
- If price can push above $6.70, we would be looking at a bullish breakout.
- In this scenario, the bullish scenario should be limited to $8.00 for now, respecting a falling trendline, and the bottom area of a previous couple of consolidation periods. 
- We should also anticipate resistance around $7.33, a support/resistance pivot going back to 2013. 
- However, a break below $5.50 would put pressure back towards the lows around $5.00. 
- Then, a break below $5.00 would open up a bearish continuation scenario towards the next support/resistance pivot around $4.00. 

S Weekly Chart


(click to enlarge)

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