CHTR dominated by bulls lifting the market higher throughout the day
Charter Communications Inc. (CHTR) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
CHTR ended Thursday at 295.61 surging $10.59 (3.72%). This is the biggest single day gain in over three months. Today's closing price of 295.61 marks the highest close since April 26th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 295.58, Charter Communications confirms its breakout through the prior session's high having traded $1.66 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CHTR as at Jun 14, 2018):
Thursday's trading range was $13.56 (4.76%), that's far above last trading month's daily average range of $7.34. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 298.67. The share found buyers again today around 283.68 for the third trading day in a row after having found demand at 283.22 in the previous session and at 283.10 two days ago. After trading as low as 283.68 during the day, the market found support at the 50-day moving average at 284.44.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.