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Nearest Resistance: $5.50
Nearest Support: $4.70
Catalyst: Technical Setup
On the other side of the spectrum is
Sprint(S), a heavily traded name that's looking toppy right now. Sprint has been one of those perennially-popular tickers for the last few months, driven by a sub-$5 share price and a colossal rally that's kept shareholders engaged since late May. But shareholders might want to disengage now.
>>5 Buys Near 52-Week Highs
Sprint topped at $5.49 earlier this month, slinking lower as buying pressure got sapped by sellers who were increasingly eager to take gains at a new high. Could the uptrend in S continue? Absolutely. A correction is more than appropriate after such a big run higher. But the pullback is bringing shares much closer to a test of support at the same time that the uptrend in RSI broke down.
I'd consider buying Sprint if it can print at $5.50, but this stock becomes a short candidate if it slips below the base it's built at $4.25.
As of the most recently reported quarter, Sprint is one of
David Einhorn's Greenlight Capital holdings.