SBAC falls to lowest close since May 2nd
SBA Communications Corporation (SBAC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, SBAC finished the week -1.51% lower at 156.10 after losing $0.85 (-0.54%) today. Today's closing price of 156.10 marks the lowest close since May 2nd. Closing below Thursday's low at 156.64, SBA Communications confirms its breakout through the previous session's low having traded $1.02 below it intraday.
Daily Candlestick Chart (SBAC as at Aug 10, 2018):
Friday's trading range was $1.49 (0.95%), that's below last trading month's daily average range of $2.53. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 156.14 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 151.24, downside momentum could speed up should the market break out to new lows for the year. Trading close to June's low at 155.61 we might see further downside momentum if potential sell stops at the level get triggered.