Pull Back FishingPossible Double Bottom.
TMUS has pulled back a lot since it's high of 150.20. Negative moving average crossovers noted including the 50 crossing down through the 200 which is known as a death cross. I have noticed when a security is at the bottom, moving averages look awful as a rule and they are lagging indicators, but something to be aware of. Price is the here and now. Many will not trade a stock that is under it's 50 SMA and some will not trade a security under the 200 SMA and that is a good idea. As a rule the security is in a nice uptrend when all of the moving averages are in order with the smallest on top and all sloping up with positive crossovers. You just will not find many at the bottom with sparkling moving averages. The 200 is still gently sloping up, indicating long term this is still okay.
Price fell outside the bottom band on 80 after multiple groups of RED candles. Red candles are bearish of course, but flushing sellers out can be bullish in the end as the sellers diminish and buyers come in. When the last frightened seller liquidates, things sometimes turn around.
And the bottom is not always the bottom )o: It can be even harder to trade deep pull backs and bottoms than it is to trade tops. A security may seem dirt cheap at the levels you see, but even dirt can get cheaper so trading down here can be hazardous to your mental health and is not for the faint of heart. I suppose in the scheme of things, any trade can turn against you.
Possible stop under lower bottom, 115.89. There is a pocket pivot under this first bottom.
No recommendation.
Negative volume is high. Short interest is 2.48%.
