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Possible Bearish Inside Day Candle Pattern Detected for Comcast (NASDAQ:CMCSA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Comcast (NASDAQ:CMCSA) based on the price action in the company's shares. Yesterday's price range of $38.89 and $39.23 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Comcast may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Comcast share prices have moved between a 52-week high of $40.62 and a 52-week low of $28.30 and closed yesterday at 38% above that low price at $38.98 per share. The 200-day and 50-day moving averages have moved 0.11% higher and 0.17% higher over the past week, respectively.

Comcast Corporation provides a wide range of cable services. The Company offers a variety of entertainment, information and communications services to residential and commercial customers. Comcasts services include programming, Hi-speed Internet, and broadband phone service.

There is potential upside of 7.7% for shares of Comcast based on a current price of $38.98 and an average consensus analyst price target of $41.98. Comcast shares have support at the 50-day moving average (MA) of $36.28 and additional support at the 200-day MA of $33.53.

SmarTrend recommended that subscribers consider buying shares of Comcast on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.36. Since that recommendation, shares of Comcast have risen 20.5%. We continue to monitor CMCSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Comcast

Ticker(s): CMCSA