Daily Stock Report

Qualcomm Inc. - (QCOM) - August 27, 2020 

Qualcomm Inc. designs, develops, manufactures, and markets digital communication products worldwide. The last time we looked at Qualcomm (QCOM) was on the June 24th edition of the Daily Stock Report. Since that time the stock has been very strong. The company released their 3rd quarter financials on July 29th where they announced that they returned $0.65 per share, of cash dividends paid and $110 million through repurchases of 1.6 million shares of common stock which came across as very positive for investors. 

As we look at the candlestick chart when QCOM announced Q3 earnings in late July the shares gapped up and marched onto all-time highs.  After experiencing a mild pullback earlier last week, shares have regained traction and are attempting to make a new higher high near the $116.00 area.

Qualcomm (QCOM) first entered the Favored Zone of the SIA S&P 100 Index Report back on June 16th at a price of $89.52. As of yesterday’s close the shares are at $116.04 which is a 29.6% increase since re-entering the favored zone. It currently sits in the 26th spot in the S&P 100 Index report.

In looking at the 1% scale point and figure chart, we see that QCOM is very quickly approaching its recent high near $116.56. If it manages to break above this near-term resistance level, the next area of resistance can be found at $121.29 and, above that, $126.22. On the downside, support is at $110.90 and, below that, $105.52.

With an SMAX of 10 out of 10, QCOM is exhibiting near term strength against all the asset classes.

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