CMCSA rises to highest close since March 6th
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CMCSA finished Monday at 40.18 gaining $0.58 (1.46%) on low volume, notably outperforming the Nasdaq 100 (0.45%). Today's close at 40.18 marks the highest recorded closing price since March 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 39.82, the share confirmed its breakout through the previous session high after trading up to $0.45 above it intraday.
Daily Candlestick Chart (CMCSA as at Jun 01, 2020):
Monday's trading range has been $0.87 (2.2%), that's slightly below the last trading month's daily average range of $0.92. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CMCSA.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Comcast managed to close above the 100-day moving average at 39.95 for the first time since February 21st. When this moving average was crossed above the last time on February 11th, CMCSA gained 2.75% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 40.47 where further buy stops might get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Comcast. Out of 82 times, CMCSA closed higher 63.41% 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 63.41% with an average market move of 1.08%.