Daily Stock Report

Qualcomm Inc. - (QCOM) - July 18, 2022

Like many technology stocks, Qualcomm (QCOM) tumbled from the green zone to the red zone of the SIA S&P 100 Index chart back in the winter. On a relative strength basis, Qualcomm bottomed out in April, but its recovery in the rankings has really become noticeable in the last few days when it shot up into the Yellow Neutral Zone and snapped a downtrend line. In Friday, QCOM finished in 28th place, up 6 spots on the day and up 40 positions in the last month and is now only 2 levels outside of the green zone. 

A new upswing appears to be getting underway in Qualcomm (QCOM) shares. A falling channel of lower highs and lower lows appears to have been contained in June near $120.00, a long-term support level. In recent days, the shares have staged a breakaway gap upward, regained their 50-day average, regained $140.00 and snapped a downtrend line, all on rising volume, indicating renewed accumulation. 

Initial upside resistance appears near $160.00, followed by the $170.00-$175.00 area. Initial support moves up toward $148.00.  

A selloff in Qualcomm (QCOM) shares appears to have been contained for now near $118.70 a previous support/resistance level. This month, the shares have started to bounce back triggering a bullish Low Pole Warning on the 2% chart and snapping out of a downtrend on the 1% chart. On the 2% chart, a breakout over initial resistance near $147.60 would complete a bullish double top pattern and confirm the start of a new uptrend. 

Should that occur, next potential resistance may appear at previous column highs near $162.95, then near $172.90 based on a pending horizontal count. Initial support appears near $131.00 based on a 3-box reversal. 

With a bullish SMAX score of 6, QCOM is exhibiting strength against the asset classes. 

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