CMCSA rises to highest close since January 22nd
Comcast Corporation Class A Common Stock (CMCSA) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, CMCSA ended Wednesday at 46.81 gaining $0.35 (0.75%) on high volume, significantly outperforming the Nasdaq 100 (-1.67%). Today's close at 46.81 marks the highest recorded closing price since January 22nd. Trading $0.45 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 27th, CMCSA actually gained 0.04% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CMCSA as at Sep 16, 2020):
Wednesday's trading range has been $0.80 (1.7%), that's slightly below the last trading month's daily average range of $0.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CMCSA.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 44.49.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 47.74, upside momentum might speed up should Comcast be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Comcast. Out of 85 times, CMCSA closed higher 56.47% 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 62.35% with an average market move of 0.73%.