CCI slides to lowest close since May 3rd
Crown Castle International Corp. (CCI) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CCI as at May 17, 2018):
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.
Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
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.
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.
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.