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

By James Quinn

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. Yesterday's price range of $7.81 and $7.98 is within the prior day'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.

Sprint Nextel (NYSE:S) defies analysts with a current price ($7.93) 6.0% above its average consensus price target of $7.46. The stock should discover initial support at its 200-day moving average (MA) of $3.80 and subsequent support at its 50-day MA of $3.55.

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.

In the past 52 weeks, Sprint Nextel share prices have been bracketed by a low of $2.18 and a high of $9.65 and closed yesterday at $7.93, 264% above that low price. The 200-day and 50-day moving averages have moved 0.17% lower and 1.21% higher over the past week, respectively.

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 am inside day candle Sprint Nextel

Ticker(s): S