CHTR closes within prior day's range after lackluster session


Charter Communications Inc. (CHTR) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team

Highlights

CHTR closes below its opening price unable to hold early session gains
CHTR runs into sellers again around 603.60
CHTR closes within previous day's range after lackluster session

Overview

CHTR finished Wednesday at 598.26 losing $1.75 (-0.29%), underperforming the Nasdaq 100 (0.26%). Trading $4.85 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (CHTR as at Aug 05, 2020):

Daily technical analysis candlestick chart for Charter Communications Inc. (CHTR) as at Aug 05, 2020

Wednesday's trading range has been $6.38 (1.07%), that's below the last trading month's daily average range of $12.40. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CHTR.

After moving higher in the previous session, Charter Communications closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Shooting Star which are both known as bearish patterns.

Prices are trading close to the key technical support level at 594.31 (S1). After having been unable to move above 601.76 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 603.60. The last time this happened on Monday, CHTR actually gained 1.75% on the following trading day.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 562.81.

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

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Charter Communications. Out of 101 times, CHTR closed higher 55.45% 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 66.34% with an average market move of 1.27%.


Market Conditions for CHTR as at Aug 05, 2020

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