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Possible Bearish Inside Day Candle Pattern Detected for Sba Comm Corp (NASDAQ:SBAC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sba Comm Corp (NASDAQ:SBAC) based on the price action in the company's shares. Yesterday's price range of $249.32 and $249.32 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 Sba Comm Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

SBA Communications Corporation owns and operates wireless communications infrastructure in the United States. The Company offers site leasing and development, construction, and consulting services. SBA Communications leases antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts.

Sba Comm Corp (NASDAQ:SBAC) is currently priced 27.9% above its average consensus analyst price target of $179.39. The stock should discover initial support at its 50-day moving average (MA) of $236.48 and subsequent support at its 200-day MA of $232.40.

Sba Comm Corp share prices have moved between a 52-week high of $270.42 and a 52-week low of $168.35 and closed yesterday at 48% above that low price at $248.66 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Sba Comm Corp on November 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $241.67. Since that recommendation, shares of Sba Comm Corp have risen 3.5%. We continue to monitor SBAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle sba comm corp

Ticker(s): SBAC