Sprint Nextel Corp. (NYSE:S) — This leading provider of wireless and other telecommunications services had been in a bear market since 2006, falling from over $24 to under $2 in late 2008.

The Trade of the Day began recommending Sprint early this year at $3.25 and traded it to over $5. But when Q2 earnings missed estimates, the stock broke down on a breakaway gap that signaled a serious sell-off was occurring.

However, Tuesday’s market reversal also reversed the stock, and an announcement that Sprint will carry Apple’s (NASDAQ:AAPL) new iPhone 4S helped as well. Analysts scrambled to change their opinion on Sprint. S&P moved to a “strong buy” with a tentative target of $6, while Credit Suisse kept its target of $8.

Technically the stock reversed field with a buy signal from our proprietary Collins-Bollinger Reversal (CBR) indicator. It is difficult to estimate a target for the stock, but the big gap in July ended just under the 200-day moving average at $4.50 — a reasonable long-term objective. Near term, look for a jump to its 50-day moving average at $3.50.