SBAC breaks back above 200-day moving average
SBA Communications Corporation (SBAC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SBAC ended Thursday at 264.49 gaining $21.35 (8.78%) on low volume, notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 251.22, the market confirmed its breakout through the previous session high after trading up to $16.05 above it intraday.
Daily Candlestick Chart (SBAC as at Mar 26, 2020):
Thursday's trading range has been $22.95 (9.36%), that's slightly above the last trading month's daily average range of $19.89. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SBAC.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 200-day moving average at 247.63 for the first time since March 18th. After spiking up to 267.27 during the day, SBA Communications found resistance at the 20-day moving average at 266.21. The last time this happened on December 16, 2019, SBAC lost -3.02% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 280.74 where further buy stops could get triggered.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for SBA Communications. Out of 38 times, SBAC closed lower 63.16% of the time on the next trading day after the market condition occurred.