FTR closes within previous day's range after lackluster session

Frontier Communications (FTR) Technical Analysis Report for Sep 14, 2018

Highlights

FTR closes above its opening price after recovering from early selling pressure
FTR finds buyers at key support level
FTR closes higher for the 7th day in a row
FTR rises to highest close since June 27th
FTR closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 22% Bullish
Technical Forecast:

Overview

Moving higher for the 7th day in a row, FTR ended the week 7.22% higher at 5.79 after gaining $0.03 (0.52%) today. Today's closing price of 5.79 marks the highest close since June 27th. Trading up to $0.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for FTR

Volatility

Friday's trading range was $0.14 (2.43%), that's far below last trading month's daily average range of $0.24. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

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

Support/Resistance

After trading as low as 5.71 during the day, the stock bounced off the key support level at 5.76. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5.94.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 5.89 where further buy stops could get triggered. Further buying might move prices higher should the market test August's close-by high at 5.94.

Conclusion

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

Market Conditions for Frontier Communications

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