QCOM dropped heavily today after investors being disappointed with Qualcomm's 5G expectations. Even after a heavy correction of 10% from two days The price action with in QCOMs channel is still being respected. This might be a great opportunity to buy the dip, But I will wait because the price might want to fill the following gaps the stock made a few months back. While I highly doubt we might see QCOM drop to 100 in order to fill the gap, anything can be possible since we might see a correction on the overall market pretty soon. two things that I am looking for.
1. I want to see if qualcomm stays with in the channel tomorrow or if it will open down below it showing a bearish signal.
2. even if it does bounce up from here I would be cautious of a possible bull trap.
1. I want to see if qualcomm stays with in the channel tomorrow or if it will open down below it showing a bearish signal.
2. even if it does bounce up from here I would be cautious of a possible bull trap.