Sprint Nextel Update 06/03/2011

Today's article is an update on Sprint Nextel(ticker symbol "S") as a follow up to the original article I posted "Potential Breakout Stock S (Sprint Nextel) 04/26/2011.

Many times I get caught up in one of the many things I always seem to be working on and forget to write follow up articles to go over the results of trade ideas.

In my original article I wrote about the potential for a good trade set up forming based on a technical chart pattern, an Ascending Triangle. I originally came across S because just prior to that article, I had added another article on How to Recognize a Breakout. The stock fit the pattern I was trying to explain perfectly.

Shares of S closed at $4.81 on the date of my previous article on 04/26/2011. Yesterday, June 2, 2011, S closed at $5.93, a 23+% gain in 6 weeks. Not bad at all!

Sprint Nextel Update 06/03/2011

The biggest drawdown since 04/26/2011 was the following day - an intraday low of $4.72 and a closing low of $4.79, not much at all. The timing was perfect here but not at all impossible to have taken advantage of. Chart patterns form all the time and if you spend time doing research on a regular basis, you will more than likely come across some yourself.

Anyway, with most of the markets showing signs of weakness over the last few weeks, Sprint Nextel has been holding up terrific. Most days that I check the stock it is outperforming the market indices and other stocks I watch.

If the market overall begins to move higher, Sprint Nextel seems to be in a position to make another move higher as well. It's outperformance of late is something to keep an eye on for potential further moves higher while keeping a close eye for a pullback since it's currently in potentially over-bought territory technically.

That's it for today's update. I wanted to write this follow up article to provide an example that coming up with trading ideas based on technical patterns can be done, successfully.

Check out the previous article pointing out the "Potential Breakout Stock S (Sprint Nextel) 04/26/2011 for review.




Return From "Sprint Nextel Update 06/03/2011" To "Stock Market Commentary"


Elliott Wave Videos

Learn to trade in the direction of the forecasted trend with this free video course. Click here to start watching: Free Elliott Wave Video Lessons

Free Newsletter Updates

Trading Resources

Stock Trading Software
Stock Trading Software
Stock Trend AnalysisStock Trend Analysis