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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $93.52 and $94.00 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. Traders and investors interested in shares of Crown Castle International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Crown Castle International has overhead space with shares priced $93.73, or 1.2% below the average consensus analyst 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.

Crown Castle International share prices have moved between a 52-week high of $102.82 and a 52-week low of $75.71 and closed yesterday at 24% above that low price at $93.73 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Crown Castle International on July 26th, 2016 by issuing a Downtrend alert when the shares were trading at $96.90. Since that call, shares of Crown Castle International have fallen 3.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle crown castle international

Ticker(s): CCI