CCI ends the day on a bullish note closing near the high of the day
Crown Castle International Corp. (CCI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, CCI ended the week 10.29% higher at 165.97 after gaining $2.05 (1.25%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 165.97 marks the highest recorded closing price ever. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CCI as at Feb 14, 2020):
Friday's trading range has been $2.39 (1.45%), that's slightly below the last trading month's daily average range of $2.63. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CCI.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, CCI gained 0.44% on the following trading day.
Prices are trading close to the key technical support level at 163.51 (S1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 152.58.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Crown Castle. Out of 51 times, CCI closed higher 64.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.78% with an average market move of 0.92%.