CHTR snaps to lowest close since April 27th

Charter Communications (CHTR) Technical Analysis Report for May 17, 2018

Highlights

CHTR finds buyers around 267.84 for the third day in a row
CHTR dominated by bears dragging the market lower throughout the day
CHTR ends the day on a bearish note closing near the low of the day
CHTR stuck within tight trading range
CHTR falls to lowest close since April 27th

TQ Sentiment

Report Sentiment:
25% Bearish
Technical Forecast:

Overview

CHTR ended Thursday at 268.17 losing $4.16 (-1.53%). Today's closing price of 268.17 marks the lowest close since April 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CHTR

Volatility

Thursday's trading range was $5.32 (1.96%), that's below last trading month's daily average range of $9.05. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 266.74 and 274.33 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

The market found buyers again today around 267.84 for the third trading day in a row after having found demand at 266.74 in the previous session and at 266.86 two days ago.

Trend

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

Order Flow

Selling might accelerate should prices move below the nearby swing low at 266.74 where further sell stops could get triggered. With prices trading close to this year's low at 250.10, downside momentum might speed up should the share break out to new lows for the year. As prices are trading close to May's high at 281.33, upside momentum could accelerate should Charter Communications mark new highs for the month. As prices are trading close to May's low at 264.75, downside momentum might speed up should the stock mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Charter Communications

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Latest Report:

CHTR plummets -1.67% closing $5.55 lower

Sep 24, 2018
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