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Interesting Technical Analysis finding for CHARTER COMMUNICATIONS INC-A (NASDAQ:CHTR)

By Mill Chart

Last update: Sep 14, 2023

We've identified CHARTER COMMUNICATIONS INC-A (NASDAQ:CHTR) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:CHTR for further developments.

CHTR Daily chart on 2023-09-14

What is the technical picture of NASDAQ:CHTR telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall CHTR gets a technical rating of 8 out of 10. Although CHTR is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • 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 93% of them.
  • CHTR is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so CHTR is performing more or less in line with the market.
  • Looking at the yearly performance, CHTR did better than 90% of all other stocks. However, this relatively good performance is mostly due to a recent big 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.

Our latest full technical report of CHTR contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:CHTR?

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

CHTR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 418.76, 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. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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CHARTER COMMUNICATIONS INC-A

NASDAQ:CHTR (6/17/2024, 7:00:00 PM)

After market: 286.34 +0.39 (+0.14%)

285.95

+9.69 (+3.51%)

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