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Short

QCOM...Critical level approaching

NASDAQ:QCOM   QUALCOMM INC
QCOM is a company I respect dearly, but as traders we must be able to emotionally detach ourselves if necessary.
Tomorrow is an earnings announcement for the chip producer and will provide a clearer picture of where the current price level may go. The $50 zone is critical and a brake below $48 dollars can spell trouble for bulls. The $45 zone is the last hope before complete capitulation.
Should we see an upswing, I suspect resistance @ the $54 zone.
Personally, I see an upswing very unlikely from a technical perspective.
QCOM has been battered on the fundamental front, including a contested buyout by Broadcom, which was ultimately denied by Trump, an FTC lawsuit challenging its patent based business model, and a bitter dispute with Apple , which left Apple seeking Intel as a chip supplier. The FTC lawsuit wrapped up earlier today, and the final result will be the driving force behind future price action.
In summary, the future doesn't look bright technically or fundamentally for the company.
Comment: A nice gap up above a previous gap-based supply zone. I'm surprised how resilient QCOM has been since my prediction, but at the same time, who was calling 10 straight weekly gains for the NASDAQ? My overall sentiment has changed from bearish to bullish for the short term.
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