Comcast Corp (CMCSA) Hits The Skids, Watch This Trade Level

This morning, media giant Comcast Corp (CMCSA) is falling by 5.8% to $56.35 a share. The stock made some comments at a B of A conference and the market does not seem to like the news. The company says net adds in the cable business are seeing a slowdown since the tail end of August. The stock has now dropped sharply below its 50-day moving average. This puts the stock in a weak technical position on the charts and likely signals further downside in the near term. 

The next major support level for Comcast Corp (CMCSA) stock will be around the $51.00 area. This key support level is where the stock was defended in early February 2021 before breaking out to a new all time high. Often, the first backtest of a major reversal pivot will be defended by the institutional crowd. There is also a major retrace level just below this support area adding strength to the support level.     

  Get EVERY trade Nick is taking with his members right here…

Get all of Nick’s OPTIONS Swing Trades Here    <<>>    Get all of Nick’s STOCK Swing Trades Here