Crown Castle International (CCI) broke out of a six-month sideways consolidation pattern when it rallied above $89. Traders who like to buy breakouts should look to buy CCI on a shallow dip.
In this daily chart of CCI, above, you can see the consolidation and upside breakout. Prices are above the rising 50-day and 200-day moving average lines. The On-Balance-Volume (OBV) line is edging up -- not robust, but heading in the right direction. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish configuration above the zero line.
In this weekly chart of CCI, above, the consolidation pattern is a one-year sideways pattern. The longer-term 40-week moving average line has a positive slope and prices are pointed up. The OBV line is rising -- a positive for CCI as it shows that buyers are being more aggressive. The trend following MACD oscillator is bullish. Strategy? Buy a pullback to around $89.50, or so, and then risk a move below $86. The century mark, or $100, is our upside target.