More Downside for Frontier Communications ?

Published on Thursday, 05 July 2012 11:34 Written by TradersHuddle Wire

New York, July 5th (TradersHuddle.com) - Shares of Frontier Communications Corporation (NYSE:FTR) booked a new 52 week low by trading below $4.82. Traders are definitely monitoring Frontier's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Frontier Communications Corporation (NYSE:FTR) provides communications services to rural areas and small and medium-sized towns and cities. The Connecticut based company offers a variety of voice, data, Internet, and television services.

Frontier Communications is currently trading -1.25% versus its previous trading session close, and it has calculated support and resistance at $5.22 and $5.85 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.23% from its previous trading close, which means that Frontier Communications stock is underperforming the overall market.