CMCSA closes above its opening price after recovering from early selling pressure


Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team

Highlights

CMCSA closes above its opening price after recovering from early selling pressure
CMCSA closes lower for the 2nd day in a row
CMCSA still stuck within tight trading range
CMCSA closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, CMCSA ended the week -0.5% lower at 35.63 after losing $0.19 (-0.53%) today, slightly underperforming the Nasdaq 100 (-0.3%). Trading up to $0.30 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (CMCSA as at Jan 11, 2019):

Daily technical analysis candlestick chart for Comcast Corporation Class A Common Stock (CMCSA) as at Jan 11, 2019

Friday's trading range has been $0.43 (1.21%), that's far below the last trading month's daily average range of $1.06. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CMCSA. Prices continued to consolidate within a tight trading range between 35.27 and 36.12 where it has been caught now for the whole last trading week.

One neutral candlestick pattern matches today's price action, the Doji. The last time a Doji showed up on November 26, 2018, CMCSA gained 1.56% on the following trading day.

Prices are trading close to the key technical resistance level at 35.83 (R1).

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might accelerate should prices move above the close-by swing high at 36.12 where further buy stops could get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Comcast. Out of 295 times, CMCSA closed higher 53.56% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.36% with an average market move of 1.13%.


Market Conditions for CMCSA as at Jan 11, 2019

Loading Market Conditions for CMCSA (Comcast Corporation Class A Common Stock)...
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