Frontier Communications

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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.

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-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

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