Comcast (NASDAQ:CMCSA) is currently midway through the final stage (Phase 18) of its Adhishthana cycle on the weekly charts. The stock recently drew attention after completing the spin-off of Versant Media Group into a separate publicly traded company. While the corporate action has sparked short-term interest, a closer look at the stock's structural positioning suggests that upside may remain limited. Below, we break down Comcast's current setup and what the remainder of this phase may hold.

Analysing Comcast's Phase 18 Structure

To assess how the current phase may unfold, it is important to revisit Comcast's behavior during the preceding triad formation.

Under the Adhishthana framework, Phases 14, 15, and 16 together form the Guna Triads. These phases determine whether a stock can generate a Nirvana move in Phase 18, the peak of the cycle. For such a move to materialize, the triads must display Satoguna, a clean, sustained bullish structure. Without it, a Phase 18 breakout typically fails to develop.

As I outlined in my book Adhishthana: The Principles That Govern Wealth, Time & Tragedy:

"Without noticeable Satoguna in any of the triads, no Nirvana can emerge in Phase 18."

In Comcast's case, the stock entered its triads in July 2023, with Phase 16 concluding in November 2024. Throughout this entire window, the stock failed to exhibit the bullish momentum required to support a Phase 18 Nirvana move. Price action remained weak and directionless, signaling a lack of structural strength.

As a result, the outlook entering Phase 18 was already clear: a sustained bullish expansion was unlikely, and consolidation/sluggishness would be dominant. That view has since been reinforced. Nearly halfway through Phase 18, Comcast shares have declined meaningfully, at one point falling more than 29% from their highs.

While the recent spin-off has helped the stock stabilize and bounce modestly, the broader structural setup suggests that these moves may struggle to gain traction.

Investor Outlook

With a weak triad formation behind it, Comcast is unlikely to deliver a strong directional advance during the remainder of Phase 18. Instead, the stock is more likely to trade in a choppy, range-bound manner, with rallies proving short-lived and difficult to sustain.

This does not necessarily imply aggressive downside from current levels, but it does suggest that the risk-reward profile for fresh long positions remains unattractive. Investors may be better served waiting for the cycle to reset before reassessing Comcast's longer-term upside potential.

For now, Comcast appears better suited to range-based strategies rather than directional bullish positioning.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.