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CHARTER COMMUNICATIONS INC-A (NASDAQ:CHTR) Technical Analysis observations.

By Mill Chart

Last update: Sep 13, 2023

Our stock screener has identified CHARTER COMMUNICATIONS INC-A (NASDAQ:CHTR) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:CHTR.

CHTR Daily chart on 2023-09-13

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, CHTR scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CHTR is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • CHTR is part of the Media industry. There are 98 other stocks in this industry. CHTR outperforms 92% of them.
  • CHTR is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so CHTR is leading the market.
  • Looking at the yearly performance, CHTR did better than 90% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
  • In the last month CHTR has a been trading in the 407.57 - 452.25 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of CHTR for a complete technical analysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:CHTR has a 9 as its setup rating:

CHTR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 417.13, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CHTR in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NASDAQ:CHTR?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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CHARTER COMMUNICATIONS INC-A

NASDAQ:CHTR (6/21/2024, 7:00:01 PM)

After market: 290.35 0 (0%)

290.35

+6.35 (+2.24%)

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