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Possible Bearish Inside Day Candle Pattern Detected for Crown Castle International (NYSE:CCI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Crown Castle International (NYSE:CCI) based on the price action in the company's shares. Yesterday's price range of $93.82 and $94.59 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Crown Castle International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Crown Castle International (NYSE:CCI) has potential upside of 0.5% based on a current price of $94.41 and analysts' consensus price target of $94.85. The stock should find initial support at its 50-day moving average (MA) of $86.74 and further support at its 200-day MA of $84.27.

Over the past year, Crown Castle International has traded in a range of $75.71 to $94.75 and closed yesterday at $94.41, 25% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Crown Castle International Corp. engineers, deploys, owns, and operates shared wireless infrastructure. The Company offers wireless communications coverage to various United States markets and most of the Australian populations. Crown Castle owns, operates, and manages various wireless communication towers internationally.

SmarTrend recommended that subscribers consider buying shares of Crown Castle International on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.63. Since that recommendation, shares of Crown Castle International have risen 9.0%. We continue to monitor CCI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle crown castle international

Ticker(s): CCI