Crown Castle Intl Tumbles After Earnings, Here’s The Trade

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Oct 22, 2020 at 2:16 PM EDT

Crown Castle Intl stock has now broken below its important 200-day moving average. This puts the stock in a weak technical position on the charts. It will also signal lower prices are ahead for the shares.

Today, leading wireless tower REIT, Crown Castle Intl (CCI), is coming under some sharp selling pressure. The stock is trading lower by more than $6.17 to $157.5 a share after reporting earnings. Crown Castle Intl (CCI) stock has now broken below its important 200-day moving average. This puts the stock in a weak technical position on the charts. It will also signal lower prices are ahead for the shares.

Traders and investors should now watch the $150.00 area for major chart support. This major support level was where the stock broke out in mid-May 2020. It is also a major retrace level from the March 2020 lows to the July 2020 top. This is an area that should be defended by the institutional crowd when tested. I will be looking at a long-side trade when the stocks tests this key support level.

(Click on image to enlarge)

Disclaimer:

All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.