CCI slides to lowest close since August 14th

Crown Castle International Corp. (CCI) Technical Analysis Report for Sep 14, 2018

Highlights

CCI breaks key support level
CCI breaks below 50-day moving average
CCI finds buyers at key support level
CCI finds buyers again around 111.15
CCI falls to lowest close since August 14th

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

CCI finished the week -1.3% lower at 111.55 after losing $0.95 (-0.84%) today. Today's closing price of 111.55 marks the lowest close since August 14th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for CCI

Volatility

Friday's trading range was $1.29 (1.15%), that's slightly below last trading month's daily average range of $1.31. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After trading as low as 111.15 during the day, the market bounced off the key support level at 111.41. The failure to close below the support could increase that levels importance as support going forward. Breaking below the key support level at 112.33 today, it is now likely to act as resistance going forward. After having been unable to move lower than 111.06 in the prior session, the stock found buyers again around the same price level today at 111.15.

Trend

Although the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. Crown Castle broke below the 50-day moving average at 111.55 today for the first time since June 13th.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 111.06 where further sell stops might get triggered. Further selling could move prices lower should the market test August's nearby low at 109.42.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Crown Castle International Corp.

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