SBAC runs into sellers around 158.52 for the third day in a row


SBA Communications (SBAC) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
SBAC runs into sellers around 158.52 for the third day in a row
SBAC finds buyers at key support level
SBAC stuck within tight trading range
SBAC falls to lowest close since May 8th
SBAC closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

SBAC finished Thursday at 157.51 losing $0.24 (-0.15%) on low volume. Today's closing price of 157.51 marks the lowest close since May 8th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SBAC
Volatility

Thursday's trading range was $2.53 (1.6%), that's below last trading month's daily average range of $3.53. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 155.80 and 158.52 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Despite a strong opening SBA Communications closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 155.99 during the day, the share bounced off the key support level at 156.42. The failure to close below the support could increase that levels importance as support going forward. The stock ran into sellers again today around 158.52 for the third trading day in a row after having found sellers at 158.07 in the previous session and at 158.18 two days ago.

Trend

While 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

Selling could accelerate should prices move below the nearby swing low at 155.80 where further sell stops might get activated. With prices trading close to this year's low at 151.24, downside momentum could speed up should SBAC break out to new lows for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for SBA Communications
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
6 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

SBAC closes within prior day's range

Aug 14, 2018
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