Crown Castle CCI is a real estate investment trust and provider of shared communications infrastructure (cell phone towers) in the United States. CCI is scheduled to report their latest quarterly numbers after the close of trading Wednesday. Let's check out the charts and indicators to get a sense of what traders are doing.
In the daily bar chart of CCI, below, we can see the weak price action over the past 12 months. The shares turned decidedly weaker from the middle of August. CCI is trading below the bearish 50-day moving average line (negative slope) and below the bearish 200-day moving average line.
The On-Balance-Volume (OBV) line turned lower from the middle of September. The Moving Average Convergence Divergence (MACD) oscillator is bearish but could signal a cover shorts buy signal.
In the weekly Japanese candlestick chart of CCI, below, we went back five years to gain some additional perspective. The shares broke their longer-term uptrend and now we see a longer-term downtrend playing out. Prices are below the declining 40-week moving average line.
The weekly OBV line shows weakness from the beginning of the year. The MACD oscillator is bearish.
In this daily Point and Figure chart of CCI, below, we can see that the shares reached and exceeded a downside price target in the $149 area.
In this second Point and Figure chart of CCI, below, we used close only price data with a five-box reversal filter. Here the charting software yields a price target in the $66 area.
Bottom-line strategy: I have no special knowledge of what CCI will tell shareholders Wednesday evening but it looks like the share price of CCI could fall much further in the months ahead. Avoid the long side.
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