Sprint (S) can't seem to break from its downtrend and a base formation seems illusive.
S tried to mount a rally in September and October as prices pushed up through the flat 200-day moving average. But that strength was short-lived and S went down deeper into single digits (see the chart above). Despite an uptick today, S is still below its declining 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line is neutral and momentum is not diverging from the price action.
This longer-term chart of S is not helpful to the longs. Prices are below the declining 40-week moving average. The OBV line is pointed down and a bullish divergence vs. momentum is missing. If S did move higher, the resistance in the $3.50 to $4 area is likely to cap any rally.