We wrote about Crown Castle International Inc. (CCI) at the beginning of July saying, "CCI is in an uptrend so I would continue to trade it from the long side. Hold previous purchases and use a sell stop below $155 for now. Add to longs above $174. The $237 area is our price target for later this year."
Now that the shares rallied to $180 the other day an update to our strategy is in order.
In this daily bar chart of CCI, below, we can see that prices touched a new high of $180. Traders should have or could have added to longs above $174. With the chart and indicator still bullish longs could raise their sell stops to a close below $165 from below $155.
In this updated daily Point and Figure chart of CCI, below, a price target of $216. This can be our intermediate term target before our longer-term $237 target.
Bottom-line strategy: Continue to hold longs and raise your stop protection.
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