CCI breaks back above 200-day moving average
Crown Castle International Corp. (CCI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CCI ended Thursday at 142.47 surging $14.51 (11.34%), strongly outperforming the S&P 500 (6.24%). This is the biggest single-day gain ever recorded for the market. The last time we've seen such an unusually strong single-day gain on March 13th, CCI actually lost -12.43% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 134.98, the share confirmed its breakout through the previous session high after trading up to $8.76 above it intraday.
Daily Candlestick Chart (CCI as at Mar 26, 2020):
Thursday's trading range has been $15.74 (12.3%), that's far above the last trading month's daily average range of $10.85. Weekly volatility is also higher, being slightly 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.
Crown Castle managed to close back above the 200-day moving average at 140.70 for the first time since March 17th. After spiking up to 143.74 during the day, the stock found resistance at the 100-day moving average at 143.58.
Though CCI is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Crown Castle. Out of 608 times, CCI closed higher 54.61% 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 57.73% with an average market move of 0.50%.