Is CROWN CASTLE INC Ready to Break Out of Its Range?

Our stock screener has detected a potential breakout setup on CROWN CASTLE INC (NYSE:CCI). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:CCI.

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to CCI. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CCI is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• CCI is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CCI is lagging the market slightly.
• CCI is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the yearly performance of all stocks, we notice that CCI is one of the better performing stocks in the market, outperforming 76% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• CCI is part of the Specialized REITs industry. There are 28 other stocks in this industry, CCI did better than 55% of them.

Check the latest full technical report of CCI for a complete technical analysis.

Why is NYSE:CCI a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:CCI has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, CCI also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 115.21. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 113.01, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:CCI

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.