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Nearest Resistance: $5
Nearest Support: $2.25
Catalyst: New 52-Week Highs
Sprint(S) is topping our list today, turning out some massive trading volume early in this morning's session after shares pushed into new
52-week highs for another day. While I've seen some attribution for today's price action linked to an obscure SEC filing or two, the truth is that today's 3.4% surge is 100% technical, and it's being brought on by the new high-water mark for this year.
>>5 Big Stocks Ready to Slingshot Higher
Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.
Resistance looks fairly strong at $5. If you're not already a Sprint owner, I'd wait to see if S can catch a bid at $5.01 before buying.
For another take on Sprint, it shows up on recent lists of
5 Stocks Under $10 That Probably Won't Double in 2012 and
3 Winning Stocks to Sell for Profits.