CMCSA DCA - Cup and Handle
Company: Comcast Corporation
Ticker: CMCSA
Exchange: NASDAQ
Sector: Communication Services
Introduction:
Greetings, and welcome to today's technical analysis. We're focusing on the daily chart of Comcast Corporation (CMCSA), highlighting a bullish reversal pattern known as a cup and handle that has formed over 294 days.
Cup and Handle Pattern:
The cup and handle pattern is often a bullish continuation or a bullish reversal signal and is characterized by a 'U' shape (the cup) followed by a smaller, downward drift (the handle). The formation is complete when the asset's price breaks above the resistance line marking the top of the handle.
Analysis:
Comcast Corporation's price was previously in a downtrend, denoted by the blue diagonal resistance line. This downward movement appears to have been interrupted by the cup and handle pattern. The horizontal resistance line of this pattern is located at $40.94, with the price currently having a second breakthrough.
Notably, the 200 EMA is above the price, suggesting a bullish market environment.
Upon a successful breakout, the projected price target is $53.50, offering a potential rise of 30.70%. Therefore, a long position might be considered.
Conclusion:
The daily chart of Comcast Corporation presents an interesting scenario, with the formation of a cup and handle pattern suggesting a potential bullish reversal. With the successful breakout above the pattern's resistance this presents an opportunity for a long position.
As always, please bear in mind this analysis does not constitute financial advice. It's vital to conduct your own research and consider risk management strategies when investing.
If you found this analysis insightful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Ticker: CMCSA
Exchange: NASDAQ
Sector: Communication Services
Introduction:
Greetings, and welcome to today's technical analysis. We're focusing on the daily chart of Comcast Corporation (CMCSA), highlighting a bullish reversal pattern known as a cup and handle that has formed over 294 days.
Cup and Handle Pattern:
The cup and handle pattern is often a bullish continuation or a bullish reversal signal and is characterized by a 'U' shape (the cup) followed by a smaller, downward drift (the handle). The formation is complete when the asset's price breaks above the resistance line marking the top of the handle.
Analysis:
Comcast Corporation's price was previously in a downtrend, denoted by the blue diagonal resistance line. This downward movement appears to have been interrupted by the cup and handle pattern. The horizontal resistance line of this pattern is located at $40.94, with the price currently having a second breakthrough.
Notably, the 200 EMA is above the price, suggesting a bullish market environment.
Upon a successful breakout, the projected price target is $53.50, offering a potential rise of 30.70%. Therefore, a long position might be considered.
Conclusion:
The daily chart of Comcast Corporation presents an interesting scenario, with the formation of a cup and handle pattern suggesting a potential bullish reversal. With the successful breakout above the pattern's resistance this presents an opportunity for a long position.
As always, please bear in mind this analysis does not constitute financial advice. It's vital to conduct your own research and consider risk management strategies when investing.
If you found this analysis insightful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
KSC
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