Indications Suggest NASDAQ:CMCSA Could Be on the Verge of a Breakout.

Our stockscreener has identified a possible breakout setup on COMCAST CORP-CLASS A (NASDAQ:CMCSA). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:CMCSA for potential opportunities.

Insights from Technical Analysis

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, CMCSA scores 7 out of 10 in our technical rating. Although CMCSA is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• CMCSA is an average performer in the Media industry, it outperforms 50% of 92 stocks in the same industry.
• CMCSA is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so CMCSA is lagging the market.
• In the last month CMCSA has a been trading in a tight range between 40.38 and 42.77.

For an up to date full technical analysis you can check the technical report of CMCSA

Why is NASDAQ:CMCSA a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:CMCSA exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, CMCSA also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 42.85. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 42.00, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:CMCSA

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.