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Crown Castle Intl (CCI) Tumbles After Earnings, Here’s The Trade

Today, leading wireless tower REIT, Crown Castle Intl (CCI), is coming under some sharp selling pressure. The stock is trading lower by more $6.17 to $157.5 a share after reporting earnings. Crown Castle Intl (CCI) stock has now broken below it’s important 200-day moving average. This puts the stock in a weak technical position on the charts. It will also signal lower prices are ahead for the shares.

Traders and investors should now watch the $150.00 area for major chart support. This major support level was where the stock broke out in mid-May 2020. It is also a major retrace level from the March 2020 lows to the July 2020 top. This is an area that should be defended by the institutional crowd when tested. I will be looking at a long-side trade when the stocks tests this key support level.

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