In trading on Monday, shares of Crown Castle International Corp (NYSE:CCI) entered into overbought territory, changing hands as high as $45.47 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of Crown Castle International Corp, the RSI reading has hit 72.0 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 62.8.
Investors could look at CCI's 72.0 reading as a sign that the recent heavy buying is overdue to take a breather, which could bring a pullback in the stock. The chart below shows the one year performance of CCI shares:
Looking at the chart above, CCI's low point in its 52 week range is $36.38 per share, with $46.27 as the 52 week high point — that compares with a last trade of $45.40.
CCI operates in the Communications Services sector, among companies like BCE Inc. (NYSE:BCE) which is trading flat today and has a current RSI reading of 60.6. Below is a three month price history chart comparing the stock performance of CCI, versus BCE.
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