Benzinga - by Zaheer Anwari, Benzinga Contributor.
- T-Mobile US's stock has experienced a remarkable surge of over 2000% since June 2012, rising from a value of $7.59.
- The stock demonstrated a strong recovery in December 2023, rallying by 6%, contributing to 15% for the year.
Although it faced challenges along the way, including periods of consolidation and significant declines, the stock consistently trended upwards, demonstrating the company's strong market position and investor confidence.
In July 2021, a significant milestone was achieved when the stock reached the resistance level of $150. However, it faced a setback and experienced a 32% decline, unable to move past this point.
This decline brought the stock to a crucial psychological support level of around $100. Subsequently, the stock entered a consolidation phase, fluctuating between $100 and $150, until December 2023.
During this period, T-Mobile US's stock performed an impressive recovery, with a 6% rally in December alone. Overall, the stock had a bullish move of 15% in 2023.
On December 12th, the stock faced a 4% decline to the support level of $154. Interestingly, this level aligned with the daily 20 simple moving average, reinforcing this zone as a strong support area.
The stock displayed resilience by not only finding solid support at this level but also bouncing back by 5% to reach new record highs. The rebound serves as a signal of the stock's underlying strength and the confidence of its investors.
The company's stock has the potential to continue its upward trend as long as it forms a consistent pattern of higher highs and higher lows.
The daily 20 simple moving average could be important in sustaining this trend, serving as a support mechanism. Taking into account this technical indicator and the stock's recent performance, there is a positive outlook that T-Mobile US can move up to reach the $200 psychological resistance.
After the closing bell on Friday, January 12, the stock closed at $162.54, trading up by 0.23%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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