FTR closes lower for the 2nd day in a row
Frontier Communications Corporation (FTR) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FTR finished the week -8.92% lower at 2.45 after losing $0.14 (-5.41%) today, significantly underperforming the S&P 500 (0.5%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 2.59, the market confirmed its breakout through the prior session low after trading up to $0.18 below it intraday.
Daily Candlestick Chart (FTR as at Mar 15, 2019):
Friday's trading range has been $0.20 (7.69%), that's slightly below the last trading month's daily average range of $0.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FTR.
One bearish candlestick pattern matches today's price action, the Black Candle.
The stock closed below the 50-day moving average at 2.47 for the first time since February 14th. When this moving average was crossed below the last time on October 12, 2018, FTR lost -2.05% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Frontier Communications. Out of 267 times, FTR closed lower 51.31% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.31% with an average market move of -0.91%.