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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