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Possible Bullish Inside Day Candle Pattern Detected for Sprint Nextel (NYSE:S)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sprint Nextel (NYSE:S) based on the price action in the company's shares. Today's price range of $7.81 and $7.97 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Sprint Nextel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Sprint Nextel has traded in a range of $2.18 to $9.65 and is now at $7.93, 264% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.2%.

Sprint Nextel Corporation offers a range of wireless and wireline communications services to consumer, business, and government customers. The Company develops, engineers, and deploys various technologies, including two wireless networks offering mobile data services, instant national and international push-to-talk capabilities, and a global Tier 1 Internet backbone.

Based on a current price of $7.93, Sprint Nextel is currently 6.0% above its average consensus analyst price target of $7.46. Sprint Nextel shares have support at the 200-day moving average (MA) of $3.80 and additional support at the 50-day MA of $3.55.

SmarTrend is tracking the current trend status for Sprint Nextel and will alert subscribers who have S in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Sprint Nextel

Ticker(s): S