Charter Communications is a broadband connectivity company and cable operator through its Spectrum brand providing a range of residential and business services including Spectrum Internet, TV, Mobile, and Voice. The growing demand for high-speed Internet, including broadband, has aided cable television industry participants like Comcast and Charter. Improving Internet speed is fueling the demand for high-quality video and strengthening the broadband ecosystem in international markets with the proliferation of smart TVs.
Charter Communications Inc (CHTR), the second-largest US cable company, has risen quickly in the SIA S&P 100 Index Report over the last month to sit in the middle of the Favored zone. It has now risen to the 13th spot in the rankings after spending much of the last 2 years in the Unfavored zone where the stock went from $740 to around $300. CHTR moved into the Favored zone on August 15th and has risen 9 spots in the last week and 45 spots over the last month in the SIA S&P 100 Index Report.
Charter Communications has seen a breakout from its trading range upwards towards the $450 level. After trading between $300 and $400 for most of the last 9 months, CHTR has seen a rise above this recent channel. This could start a new channel between $410 and $510 where it had spent most of April to September in 2022. A golden cross was triggered where the 50-day moving average moved above the 200-day moving average in early August potentially signaling a positive breakout which the company hadnāt seen this type of cross on a dividend adjusted chart since October of 2018.
Looking at a point and figure chart for Charter Communications Inc (CHTR) at a 2% scale shows the recent move in light of its past years major decline that it is trying to claw back.
Now in a Spread Double Top chart pattern, CHTR has moved above its prior YTD high from February breaking through prior resistance which now turns into its first support level at $414. Further support can be found below this at $382.83.
Resistance above can be found at around the $495 level which is currently around a 10% move above the current price of $438. Further resistance above could be found at $557.
With an SMAX score of 10 out of 10, CHTR is showing near-term strength against all asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
