CMCSA closes lower for the 2nd day in a row
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CMCSA finished the month 9.8% higher at 42.80 after tanking $0.87 (-1.99%) today on high volume, notably underperforming the Nasdaq 100 (1.78%). This is the biggest single-day loss in over a month. Closing below Thursday's low at 43.12, the market confirmed its breakout through the previous session low after trading up to $1.16 below it intraday.
Daily Candlestick Chart (CMCSA as at Jul 31, 2020):
Friday's trading range has been $1.68 (3.86%), that's far above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CMCSA.
Prices broke below the key technical support level at 43.18 (now R1), which is likely to act as resistance going forward. The last time this happened on June 22nd, CMCSA actually gained 1.98% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five 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 291 times, CMCSA closed higher 54.98% 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 64.60% with an average market move of 1.20%.