Weaker technical forecast for Charter Communications as stock downgraded to Sell Candidate.
(Updated on Dec 03, 2021)
Sell candidate since 2021-12-03 PDF
The Charter Communications stock price gained 1.33% on the last trading day (Friday, 3rd Dec 2021), rising from $670.40 to $679.30. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 1.84% from a day low at $669.51 to a day high of $681.80. The price has fallen in 6 of the last 10 days and is down by -0.96% for this period. Volume fell on the last day by -104 thousand shares and in total, 1 million shares were bought and sold for approximately $902.45 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $684.42 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -14.63% during the next 3 months and, with a 90% probability hold a price between $538.19 and $584.29 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Signals & Forecast
There are mixed signals in the stock today. The Charter Communications stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $691.57. On a fall, the stock will find some support from the short-term average at $663.42. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Wednesday, December 01, 2021, and so far it has risen 7.11%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss
Charter Communications finds support from accumulated volume at $674.89 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $12.30 (1.84%) between high and low. For the last week, the stock has had a daily average volatility of 3.38%.
Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.
Is Charter Communications stock A Buy?
Charter Communications holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.196
Predicted Opening Price for Charter Communications of Monday, December 6, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 6, 2021||Current price|
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On Nov 22, 2021 "Loop Capital" gave "$815.00 - $730.00" rating for CHTR. The price target was changed from $678.68 to 0.5%.
CHTR Insider Trading
|Nov 23, 2021||Sell||44 894||Rutledge Thomas||Class A Common Stock|
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|Nov 04, 2021||Sell||288 281||Newhouse Michael A||Class B Common Units of Charter Communications Holdings, LLC|
|Nov 04, 2021||Sell||288 281||Advance/newhouse Partnership||Class B Common Units of Charter Communications Holdings, LLC|
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