CCI dominated by bears dragging the market lower throughout the day
Crown Castle International Corp. (CCI) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
CCI ended Thursday at 170.72 losing $1.17 (-0.68%), strongly underperforming the S&P 500 (0.45%) ahead of tomorrow's Independence Day OBS market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CCI as at Jul 02, 2020):
Thursday's trading range has been $4.17 (2.4%), that's slightly below the last trading month's daily average range of $4.86. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CCI.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 26th, CCI actually gained 0.60% on the following trading day.
Prices are trading close to the key technical support level at 167.83 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 176.85, upside momentum might accelerate should the market be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Crown Castle. Out of 269 times, CCI closed higher 50.93% 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 61.34% with an average market move of 1.40%.