CMCSA breaks below Tuesday's low
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
CMCSA finished Wednesday at 37.03 losing $0.21 (-0.56%) on low volume, underperforming the Nasdaq 100 (0.02%). Closing below Tuesday's low at 37.04, the share confirmed its breakout through the previous session low after trading up to $0.25 below it intraday.
Daily Candlestick Chart (CMCSA as at Feb 13, 2019):
Wednesday's trading range has been $0.66 (1.77%), that's slightly below the last trading month's daily average range of $0.81. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CMCSA.
One bullish candlestick pattern matches today's price action, the Tweezer Top. The last time a Tweezer Top showed up on September 17, 2018, CMCSA gained 2.11% on the following trading day.
After trading down to 36.79 earlier during the day, the stock bounced off the key technical support level at 36.86 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 37.45 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 37.45.
While Comcast is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 37.76 where further buy stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Comcast. Out of 355 times, CMCSA closed higher 54.93% 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 60.56% with an average market move of 1.19%.