May 6 Chart of the Day - Charter Communications

Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.

Spectrum is the trade name of Charter Communications (CHTR), which is widely used by market consumers and commercial cable television channels, internet, telephone, and wireless service providers. The brand was first introduced in 2014; prior to that, these services were marketed primarily under the Charter brand.

They are reportedly one of Warren Buffet's top 25 holdings. The Oracle of Omaha has nearly $1.5B invested in the company so we wanted to review their chart from a price action technical analysis perspective.

Monthly Chart 

On the monthly chart we can see that after setting its $825.62 all time high (ATH) back in the summer of 2021 price has fallen dramatically and seemingly in search of a bottom as they say.

With a recent support bounce in the $240 area traders and investors are left wondering if price can begin a series of higher highs and higher lows or if price will continue melting down through additional support levels.

Weekly Chart

 
On the weekly chart we can see with much more clarity the recent bounce off support.

Price closed at $271.47 today and is down roughly $125 this year alone.

We've layered in Fibonacci levels in both directions to use as potential levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?