CCI slides to lowest close since May 3rd


Technical Analysis Report for CCI - May 17, 2018 [1 min read]
Highlights
CCI runs into sellers around 103.18 for the third day in a row
CCI dominated by bears dragging the market lower throughout the day
CCI finds buyers at key support level
CCI closes lower for the 5th day in a row
CCI breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 5th day in a row, CCI ended Thursday at 101.91 losing $1.08 (-1.05%). Today's closing price of 101.91 marks the lowest close since May 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 102.51, the share confirms its breakout through the previous session's low having traded $1.02 below it intraday.

Daily chart for CCI
Volatility

Thursday's trading range was $1.69 (1.64%), that's slightly below last trading month's daily average range of $1.93. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 101.49 during the day, the market bounced off the key support level at 101.69. The failure to close below the support could increase that levels importance as support going forward. Crown Castle ran into sellers again today around 103.18 for the third trading day in a row after having found sellers at 103.44 in the previous session and at 103.33 two days ago.

Trend

While CCI is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the close-by swing high at 103.44 where further buy stops might get activated. With prices trading close to this year's low at 98.85, downside momentum could accelerate should the share break out to new lows for the year. As prices are trading close to May's low at 99.77, downside momentum might speed up should the stock mark new lows for the month.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
5 Consecutive Lower Closes TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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