Leading Wireless Provider Is Falling Sharply
InTheMoneyStocks.com | Feb 25, 2019 01:47PM ET
United States Cellular (NYSE:USM) has been falling sharply since February 22, 2019 when it missed on earnings. The stock has fallen by nearly $10 from last Friday and is now trading at $47.79 a share. Traders should note that the stock is now below its 50- and 100-day moving averages. This decline puts USM in a weak technical position and usually indicates lower share prices ahead.h3 Support/h3
Traders and investors should now watch the $42.20 area for important chart support. This level is where the stock broke out In August 2018. Often, a stock will be defended by the institutional money when it back tests its prior breakout level. At this time, the stock is very weak relative to the overall market so it is important to patiently wait for the shares to reach this support area.
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