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Possible Bearish Inside Day Candle Pattern Detected for Charter Commun-A (NASDAQ:CHTR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Charter Commun-A (NASDAQ:CHTR) based on the price action in the company's shares. Yesterday's price range of $501.50 and $503.42 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Charter Commun-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Charter Commun-A share prices have been bracketed by a low of $279.33 and a high of $505.71 and closed yesterday at $508.42, 82% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.7%.

Based on a current price of $508.42, Charter Commun-A is currently 24.5% above its average consensus analyst price target of $384.00. The stock should discover initial support at its 50-day moving average (MA) of $475.86 and subsequent support at its 200-day MA of $414.65.

Charter Communications, Inc. operates as a cable telecommunications company. The Company offers cable broadcasting, internet, voice, and other business services. Charter Communications serves customers in the United States.

SmarTrend recommended that subscribers consider buying shares of Charter Commun-A on August 27th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $398.22. Since that recommendation, shares of Charter Commun-A have risen 25.8%. We continue to monitor CHTR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle charter commun-a

Ticker(s): CHTR