4 Hot Stocks to Trade (or Not)
Frontier Communications
Nearest Resistance: $4.70
Nearest Support: $4.15
Catalyst: Analyst Downgrade
It doesn't take much to spur selling in a stock that's under pressure. Today, all sellers in Frontier Communications (FTR) needed was Citigroup's (C) say-so. The big bank's equity research arm downgraded FTR this morning, cutting its price target all the way down to $3.50. For a stock that was trading in the high $4 range, that's not a good thing.
And today's selling doesn't help the technical picture in FTR. Shares sold off hard, only to "recover" to a 6% loss on the day. Right now, shares are sitting right above support at $4.15, luckily a price that's acted as a strong support level for the last several months. Opportunistic buyers should wait for FTR to stage a bounce off of $4.15 before buying - if shares fail through that price level, Citi may be right about its price target sooner than expected. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.Follow Stockpickr on Twitter and become a fan on Facebook.
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