QCOM is currently consolidation in a triangle pattern. It has shown the 3 lower peaks pattern which consists of 3 lower highs and 2 lower lows. The pattern eventually breaks down much lower. This pattern can be seen at the top of an uptrend. Conversely, this pattern could set up to break higher. The current trend is up and we are bouncing off of the 20ma. On the short side, I could see a move down to $168. On a break higher, Im looking for $200. My bias is currently bearish but I will stay neutral until the consolidation breaks.
Trade active:
I missed the break out but the trade would have been long here. Watching for a false breakout if we dont close above 187.
Trade closed: stop reached:
Target was not reached but the trailing stop was triggered.
