Crown castle continued to push higher in yesterday’s trading session and extending further the bullish trend for this stock which has seen it move steadily higher over the last few weeks. The key price action in the first quarter of 2019 was the breakaway from the extended congestion phase of February which saw the stock price oscillate in the $116 to $120 region, before finally breaking higher on strong and rising volume early in March and through the low volume node on the volume point of control. This was germane to the price action offering little or no resistance to the move higher.
In the last couple of weeks on the daily chart, we have seen a further consolidation phase build between $124 and $126, but yesterday’s price action associated with excellent volume, suggests we are about to see a further rally higher for this stock should the $128 price area be breached. With the stock closing yesterday at $127.23, this may well occur in the trading session today, with $130 and beyond now on the horizon with a solid platform now in place below.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
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