SBAC falls to lowest close since May 2nd


SBA Communications (SBAC) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
SBAC breaks key support level
SBAC closes lower for the 4th day in a row
SBAC breaks below previous session low
SBAC falls to lowest close since May 2nd
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for SBAC
Volatility

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.

Support/Resistance

Breaking below the key support level at 156.14 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

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

Market Conditions for SBA Communications
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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