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CMCSA closes above its opening price after recovering from early selling pressure


Technical Analysis Report for CMCSA - Apr 16, 2018 [1 min read]
Highlights
CMCSA finds buyers around 32.98 for the third day in a row
CMCSA closes above its opening price after recovering from early selling pressure
CMCSA fails to close above 20-day moving average
CMCSA pushes through previous session high
CMCSA ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

CMCSA ended Monday at 33.53 gaining $0.51 (1.54%) on low volume. Trading up to $0.36 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 33.45, the market confirms its breakout through the previous session's high having traded $0.29 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CMCSA
Volatility

Monday's trading range was $0.76 (2.28%), that's slightly below last trading month's daily average range of $0.84. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to the key resistance level at 33.87. The share found buyers again today around 32.98 for the third trading day in a row after having found demand at 32.87 in the prior session and at 32.90 two days ago. After spiking up to 33.74 during the day, CMCSA found resistance at the 20-day moving average at 33.69.

Trend

Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the nearby swing low at 32.87 where further sell stops might get triggered. With prices trading close to this year's low at 32.55, downside momentum could accelerate should the market break out to new lows for the year. As prices are trading close to April's high at 34.81, upside momentum might speed up should the share mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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