FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

May 7 Chart of the Day - Comcast

Precision oriented price action technical analysis by far provides the best edges and most setups for traders across the markets so that's what we use for the basis of our reviews.

At their roots, Xfinity and Comcast (CMCSA) are the same thing. Comcast is the parent company, and Xfinity is Comcast’s brand for TV, internet, and home phone services.

They are part of the S&P 500 and generally thought of being around a top 50 component so we wanted to review their chart from a price action technical analysis perspective.

Monthly Chart 

Comcast monthly price action technical analysis review

On the monthly chart we can see that after setting its $61.80 all time high (ATH) back in the summer of 2021 price fell dramatically and seemingly found a bottom and bounced around the $30 area.

With a recent support bounce back up to the mid $40s area traders and investors may be left wondering if price can continue its series of higher highs and higher lows or if price will continue melting down through additional support levels.

Weekly Chart

Comcast weekly price action technical analysis review

On the weekly chart we can see with much more clarity the recent bounce off support.

Along the way, price crossed a change control zone roughly between $40 and $42 (gray shaded rectangle). 

Change control zones are one of the five price action tools we teach when charting anything.  By definition, they are an area that represents where neither the bulls nor bears are in charge.  Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it.  Or, price can trade aimlessly sideways within it.  When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.

From a historical perspective, price has crossed the zone a whopping 32 times with 11 of those occurring during the past year.

Trading at $38.50 earlier today price may be thinking about making another trip across the zone.

We've layered in Fibonacci levels in both directions to use as potential levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections. 

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