CHTR climbs to highest close ever

Charter Communications Inc. (CHTR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


CHTR rises to highest close ever
CHTR runs into sellers around 536.25 for the third day in a row
CHTR closes higher for the 5th day in a row
CHTR stuck within tight trading range
CHTR closes within previous day's range after lackluster session


Moving higher for the 5th day in a row, CHTR ended the week 1.84% higher at 534.89 after gaining $0.16 (0.03%) today on low volume, slightly underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 534.89 marks the highest recorded closing price ever. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (CHTR as at Feb 14, 2020):

Daily technical analysis candlestick chart for Charter Communications Inc. (CHTR) as at Feb 14, 2020

Friday's trading range has been $4.05 (0.76%), that's far below the last trading month's daily average range of $9.66. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CHTR. Prices continued to consolidate within a tight trading range between 528.63 and 536.25 where it has been caught now for the last three trading days.

Four candlestick patterns are matching today's price action, the Bullish Short Candle, the Tweezer Top and the White Candle which are known as bullish patterns and one bearish pattern, the Last Engulfing Top Pattern. The last time a Bullish Short Candle showed up on December 31, 2019, CHTR gained 1.10% on the following trading day.

Prices are trading close to the key technical resistance level at 537.54 (R1). The market ran into sellers again today around 536.25 for the third trading day in a row after having found sellers at 536.25 in the prior session and at 535.42 two days ago.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could speed up should prices move above the close-by swing high at 537.54 where further buy stops might get triggered. With prices trading close to this year's high at 537.54, upside momentum could accelerate should the stock be able to break out to new highs for the year.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Charter Communications. Out of 83 times, CHTR closed higher 60.24% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.06% with an average market move of 1.80%.

Market Conditions for CHTR as at Feb 14, 2020

Loading Market Conditions for CHTR (Charter Communications Inc.)...
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