We have an implusive breakout above the downtrend line in CMCSA (Comcast Corp Class A) today following the divergent low. CMCSA was recently an active trade that hit the sole price target for a quick profit with the stock taking one last plunge lower of roughly 12% from that level, which we were able to side-step with a timely exit & well placed price target.
CMCSA daily June 6th
While that trade was based primarily off the 60-minute charts, hence the relatively small price target & short holding period, today’s breakout above the primary downtrend line on the daily chart could have longer-term bullish implications. However, I’m not completed convinced that Comcast might not need a backtest of the downtrend line & with just under 2½% to my first price target, I’m only passing this one along as an unofficial trade idea or trade setup at this time.