Leading media and technology company, Comcast Corp (Nasdaq: CMCSA), has been pulling back since September 12, 2019. At that time, the stock traded as high as $47.27 a share. Today, CMCSA stock is trading around $42.70 a share which is nearly 10% lower than its September top. The stock is now trading below its important 200-day moving average. This formation puts the stock in a weak technical position on the charts and usually signals further downside. Currently, CMCSA stock has found some near term support around the $42.00 level, but remember, the trend is down. The next important support level that I see will be around the $40.00 area. This is where the stock broke-out in March 2019. Often, stocks will be defended when they retest their prior breakout levels.
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