The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

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- 5/17/2024 -
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Charter Communications (CHTR) Technical Analysis

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Summary:
Weekly :Broken trend support lineBroken trend resistance line
Daily :Williams' Percentage Range is overboughtPrice is close to the 50 Day Moving AverageBearish Dark Cloud Cover Candlestick
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It was the negative week for the Charter Communications (CHTR). During the week, the CHTR gave back -2.53 points, or -0.92%, and closed at 273.02 on Friday, May 17, 2024. Weekly volume was -28% below average.

Long-term trend: [See CHTR long-term trend chart]
A long-term downtrend had started on October 16, 2023 at 458.30 and reached 236.08 on April 26, 2024. CHTR lost 222.22 points, or 48.49%, in 27 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (217.94) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. CHTR may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See CHTR medium-term trend chart]
A medium-term uptrend had started on April 26, 2024 at 236.08 and reached 284.69 on May 8, 2024. CHTR gained -48.61 points, or -20.59%, in 1 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (275.18) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See CHTR weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since October 27, 2023. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.

Short-term trend: [See CHTR short-term trend chart]
A short-term uptrend had started on May 16, 2024 at 271.37 and reached 279.79 on May 17, 2024. CHTR gained -8.42 points, or -3.10%, in 1 days. The price is now at the 80.40% retracement level.

Daily Technical Indicators: [See CHTR daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since April 19, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

Price is close to the 50 Day Moving Average. While daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See CHTR candlestick chart pattern]
On Friday the chart has formed a Bearish Dark Cloud Cover Candlestick pattern. Bearish Dark Cloud Cover pattern is a trend reversal indicator which signifies the end of an uptrend and the start of a downtrend. The reliability of the Bearish Dark Cloud Cover pattern is considered a highly reliable pattern of market reversalUse the Technical Stock Screener to see the list of stocks that had a Bearish Dark Cloud Cover Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.59
Williams' Percentage Range (W%R) 13.80
Overbought
Lane's Stochastic (%D-Slow) 60.47
Greed/Fear Indicator (GFI) 68.76
Moving Average Converg./Diverg. (MACD) -1.09
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.91
Williams' Percentage Range (W%R) 74.40
Lane's Stochastic (%D-Slow) 35.51
Greed/Fear Indicator (GFI) 35.44
Moving Average Converg./Diverg. (MACD) -30.10
Trading Signals
Description Value Chart
Upper Bollinger Band 284.06
Monthly Trendline Resistance 282.50
Parabolic System 281.19
Daily Stochastic Crossing 275.23
Monthly Trendline Support 275.18
50 Day Moving Average 274.98
Price 273.02
20 Day Moving Average 267.00
Weekly Stochastic Crossing 261.35
Lower Bollinger Band 256.22
Quarterly Trendline Resistance 238.91
Sector and Industry
Description Name Rank
Sector Communication Services 5
Industry Cable & Satellite 21
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 271.37
Low Date 05/16/2024
High 279.79
High Date 05/17/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 271.37
Low Date 05/16/2024
High 279.79
High Date 05/17/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Support
Resistance 282.50
Support 275.18
Low 236.08
Low Date 04/26/2024
High 284.69
High Date 05/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 238.91
Support 217.94
High 458.30
High Date 10/16/2023
Low 236.08
Low Date 04/26/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 825.62
High Date 09/02/2021
Low 236.08
Low Date 04/26/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.