SBA Communications (SBAC) owns and operates over 30,000 cell towers throughout North America and South America. It leases space on its towers to wireless service providers, who install equipment on the towers to support their wireless networks. The company is benefitting from…
an increase in data volume and the deployment of 5G networks.
Take a look at the 1-year chart of SBAC below with added notations:
Chart of SBAC provided by TradingView
Over the course of the past several months, SBAC had hit resistance at the $320 level (green) on multiple occasions. Now that the stock has broken above that resistance, higher prices should follow, and $320 will likely become a new support.
The possible long position on the stock would be on a pullback down to that level with a stop placed under it. A failure to hold $320 could negate the expectations for a higher move.
Have a good trading day!
Christian Tharp, CMT