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CCI None

New Long Plays

Crown Castle Intl. - CCI - close: 42.02 chg: -0.34 stop: 39.95

Company Description:
Crown Castle engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers. Crown Castle offers significant wireless communications coverage to 91 of the top 100 U.S. markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 22,000 and over 1,400 wireless communication sites in the U.S. and Australia, respectively. (source: company press release or website)

Why We Like It:
This is not the best market to be opening new bullish positions but when the opportunity presents itself we want to be ready. Shares of CCI recently broke out from a four-week long bull flag pattern. This bull flag pattern is forecasting a $50 target. Coincidentally the Point & Figure chart is forecasting a $49 target. Traders did buy the dip midday and the afternoon bounce looks like an entry point. We're suggesting readers buy CCI here. Our first target is $44.95, since the $45.00 level might be round-number resistance. Our second target is $47.25. We're putting our first stop at $39.95 but more conservative traders may want to consider a stop loss near $41.00 or even under today's low at $41.50.

Picked on June 18 at $42.02
Change since picked: + 0.00
Earnings Date 07/23/08 (unconfirmed)
Average Daily Volume: 1.5 million
 

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