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 Fibonacci Retracement level just below this support area adding strength to the support level.
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