The Other Wireless Players
- Posted by Greg Harmon
- on September 19th, 2012
AT&T, $T, and Verizon, $VZ, have locked up the wireless space. But there are other carrier and providers as well. And with the giants consolidating a bit, it is worth looking at the smaller guys. Three of them are ripe for a run higher. Take a look.
Leap Wireless, $LEAP
Leap Wireless, $LEAP, is peeking above trendline resistance coming from a higher low. It has support for a continued move higher from the rising and bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is positive and growing. A continued push through resistance has a gap to fill higher at 7.69 near the Measured Move at 7.75. Get your alerts in!
MetroPCS Communications, $PCS
MetroPCS Communications, $PCS, moved back through the prior gap from February and over 13 month trendline resistance on Wednesday. It has a RSI that is technically overbought but rising, expanding Bollinger bands and a MACD that is positive and growing. These support further upside but the high RSI suggests some consolidation may be needed before a further run. Using a stop loss under that resistance you can hold this long and look for a gap fill to 15.90. Notice that there is very little previous price action to work through over 10.88.
Maybe not the grand daddy but maybe the older brother of them all, Sprint, $S, also broke above resistance, at 5.50, Wednesday. It too has a RSI that is rising and bullish, expanding Bollinger bands, and a MACD that is positive and growing to support more upside. The Measured Move higher takes it to 6 but the Cup and Handle pattern break then measures to 9 above that.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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