SBAC runs into sellers again around 161.50

SBA Communications (SBAC) Technical Analysis Report for Sep 14, 2018

Highlights

SBAC finds buyers at key support level
SBAC finds support at 100-day moving average
SBAC runs into sellers again around 161.50
SBAC closes within previous day's range

TQ Sentiment

Report Sentiment: 28% Bullish
Technical Forecast:

Overview

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.

Daily chart for SBAC

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

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

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Latest Report:

SBAC closes within prior day's range

Sep 21, 2018
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