SBA Communications May be a Buy After a Test of Support

 | Sep 05, 2017 | 12:40 PM EDT
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The shares of SBA Communications (SBAC) have not been trading a long time, but the operator of wireless communications infrastructure has been in an uptrend. Let's see what we can glean from the chart and indicators.

In this daily bar chart of SBAC, below, we used a 20-day and 50-day moving average because of the limited data. SBAC is above both of these relatively short-term indicators. The volume picture looks basically neutral until recently when volume exploded to over 20-million shares. The easier to "read" On-Balance-Volume (OBV) line, however, shows an upward trend since February signaling more aggressive buying and accumulation. In the lower panel is the 12-day momentum study which has made new highs in July and August to match the new price highs.

Bottom line -- a price gap made last month could get filled in the near-term. The best potential chart support is in the $140-$130 area and this would be a better location to probe the long side of SBAC.

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