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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Comcast (NASDAQ:CMCSA) based on the price action in the company's shares. Today's price range of $67.34 and $67.75 is within yesterday'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. Traders and investors interested in shares of Comcast may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 4.7% for shares of Comcast based on a current price of $67.69 and an average consensus analyst price target of $70.86. The stock should find initial support at its 50-day moving average (MA) of $60.46 and further support at its 200-day MA of $59.05.

Comcast share prices have moved between a 52-week high of $68.36 and a 52-week low of $50.00 and are now trading 35% above that low price at $67.69 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Comcast on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.52. Since that recommendation, shares of Comcast have risen 14.9%. We continue to monitor CMCSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Comcast

Ticker(s): CMCSA