FTR closes within prior day's range after lackluster session
Frontier Communications Corporation (FTR) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
FTR ended the week 3.98% higher at 2.61 after gaining $0.09 (3.57%) today on low volume, strongly outperforming the S&P 500 (-0.01%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FTR as at Jan 11, 2019):
Friday's trading range has been $0.17 (6.8%), that's below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FTR.
In spite of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on January 4th, FTR gained 8.37% on the following trading day.
Prices are trading close to the key technical support level at 2.44 (S1). After having been unable to move lower than 2.45 in the previous session, the stock found buyers again around the same price level today at 2.48.
Although Frontier Communications is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the close-by swing low at 2.45 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Frontier Communications. Out of 90 times, FTR closed higher 53.33% of the time on the next trading day after the market condition occurred.