CMCSA runs into sellers again around 39.13
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, CMCSA finished the month -1.57% lower at 38.98 after gaining $0.04 (0.1%) today, significantly underperforming the Nasdaq 100 (1.96%). Trading up to $0.38 lower after the open, Comcast managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CMCSA as at Jun 30, 2020):
Tuesday's trading range has been $1.01 (2.62%), that's slightly below the last trading month's daily average range of $1.09. Weekly volatility is also lower, being 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 38.03 and 39.13 where it has been caught now for the last three trading days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on June 8th, CMCSA actually lost -2.25% on the following trading day.
Prices are trading close to the key technical support level at 38.52 (S1). After having been unable to move above 39.03 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 39.13.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 39.65 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for Comcast. Out of 107 times, CMCSA closed higher 55.14% 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 60.75% with an average market move of 0.34%.