New York, November 16th (TradersHuddle.com) - Shares of MetroPCS Communications, Inc. (NYSE:PCS) closed the session at $10.45 just above calculated resistance at $10.37. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
MetroPCS Communications, Inc. (NYSE:PCS) is a wireless communications provider in the United States. The Company offers unlimited wireless voice and data services to the mass market under prepaid plans
The stock was trading in a well defined range with support at $9.80 and resistance at $10.37. Given that this range was broken, traders will be closely monitoring MetroPCS' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that MetroPCS is still near the broken resistance level, traders will be focusing on the $10.37 level to see if the stock holds the breakout without rolling over.
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