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Qualcomm Incorporated (QCOM) - December 21, 2023

At SIA Charts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone.

Semiconductor and communications technology producer Qualcomm (QCOM) was a cellar dweller in the SIA S&P 100 Index Report for over a year, stuck in the red zone from September of 2022 to November of 2023. In the last two months, the shares have soared back up the rankings. Yesterday, QCOM returned to the Green Favored Zone for the first time since August of 2022.

Yesterday, Qualcomm finished in 26th place, up 3 spots on the day and up 26 positions in the last month.

Qualcomm (QCOM) shares spent most of this year trading between the $100.00 round number and $135.00, building a base for recovery after spending 2022 under distribution. In late October, the shares successfully retested support at the bottom of that range for the third time. Since then, they have come under renewed accumulating, advancing in six of the last seven weeks.

Last week, QCOM blasted through $135.00 to its highest level since the summer of 2022, completing the base and signaling the start of a new recovery trend. Initial upside resistance appears near the $150.00 round number, followed by $170.00 based on a measured move. The former $135.00 resistance level and current breakout point reverses polarity to become initial support with more possible near $130.00.

A major breakout is underway in Qualcomm (QCOM) shares. The shares spent 2022 under distribution steadily declining a downward trend of lower highs and lower lows. While the downtrend of lower highs continued through most of this year, support emerged near the $100.00 round number, particularly with the successful retest in may and the shares settled into a sideways range between $100.00 and $135.00.

In the last month or so, the shares have come under renewed accumulation, launching up off $105.00, completing a series of bullish Double Top and Spread Double Top breakouts, snapping their long-term downtrend line, building a bullish High Pole, and rallying to their highest level since August of 2022.

Next potential upside resistance appears in the $150.00 to $157.00 zone where a round number, horizontal count and previous column highs cluster, followed by similar indicators near $180.40. Initial support appears near $134.00 based on a 3-box reversal.

With a perfect SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, QCOM is exhibiting short-term strength across the asset classes.

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