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TheStreet Open House

Trading Sprint as Losses Jump

Stocks in this article: S

NEW YORK ( TheStreet) -- Sprint (S) reported its quarterly earnings results on Tuesday morning.

Telling TheStreet's Debra Borchardt how he's trading Sprint in the wake of that report is Scott Redler, chief strategic officer at T3 Live.

Sprint reported a whopping loss of nearly $875 million, or 53 cents a share, on better-than-expected revenue of $8.87 billion dollars.

Redler admitted that when he first started trading Sprint, he did it because of the technical chart pattern, rather than the fundamental story. However, investors who are playing this name with sizeable positions should know what's going on with the fundamentals, too, he said.

He pointed out that the chart shows support at $5.50, near the 200-day simple moving average. With the stock currently trading near $5.90, traders could use $5.50 as a stop-loss in order to limit risk.

With the rejuvenated share price, he said the stock could continue higher to $6.40, but in order for it to make it back to more than $7, SoftBank, which recently acquired a majority stake in Sprint, will need to come back in with a lot of money.

Redler concluded that there are some compelling entry points for traders, but that the price action can get boring when attempting to daytrade it back and forth, especially in a fast-moving market such as this one.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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