FTR closes within previous day's range after lackluster session
Frontier Communications Corporation (FTR) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (FTR as at Sep 14, 2018):
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.
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.
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.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.