SBAC runs into sellers again around 161.50
SBA Communications (SBAC) Technical Analysis Report for Sep 14, 2018
SBAC finished the week 0.94% higher at 159.66 after losing $1.37 (-0.85%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Friday's trading range was $2.34 (1.45%), that's slightly above last trading month's daily average range of $2.15. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After trading as low as 159.16 during the day, SBA Communications bounced off the key support level at 159.52. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 161.65 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 161.50. After trading as low as 159.16 during the day, the share found support at the 100-day moving average at 159.30.
Though the market 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 161.65 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 157.41 where further sell stops might get triggered. Further buying could move prices higher should the market test August's close-by high at 162.66.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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