CMCSA dominated by bulls lifting the market higher throughout the day
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
CMCSA finished Thursday at 36.74 surging $3.17 (9.44%), strongly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 34.56, the market confirmed its breakout through the prior session high after trading up to $2.75 above it intraday.
Daily Candlestick Chart (CMCSA as at Mar 26, 2020):
Thursday's trading range has been $4.25 (12.81%), that's far above the last trading month's daily average range of $2.79. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CMCSA.
Even with a weak opening Comcast managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 36.67 (now S1), which is likely to act as support going forward. The last time this happened on March 17th, CMCSA actually lost -6.65% on the following trading day. Prices are trading close to the key technical resistance level at 39.15 (R1).
Although the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Its common bullish interpretation has been confirmed for Comcast. Out of 71 times, CMCSA closed higher 57.75% of the time on the next trading day after the market condition occurred.