Patterns Identified-Falling Wedge & Bullish Engulfing patterns weekly chart!
QCOM filled a gap from November 4, 2021. I can clearly see that QCOM is going through price correction (ranging). If you take a closer look it has popped out of the upper trend line slightly. Take a look at the yellow box to verify. I've identified a bullish engulfing that leads me to believe that the stock has potential to break the channel and move to the upside. However, if it breaks the bottom of our channel, then we should expect to see price go down. However, a falling wedge pattern was identified with confluences (rising volume and momentum).
Therefore, I am bullish on QCOM.
My entry will be based on these findings to include the patterns identified. A break of the recent candle and channel will be my signal to enter a swing position.
*This is not financial advice.
Freedom & peace is prosperity,
MrALtrades00
Gap up from November 4,2021
Falling Wedge
Bullish Engulfing inside Falling Wedge pattern!
QCOM filled a gap from November 4, 2021. I can clearly see that QCOM is going through price correction (ranging). If you take a closer look it has popped out of the upper trend line slightly. Take a look at the yellow box to verify. I've identified a bullish engulfing that leads me to believe that the stock has potential to break the channel and move to the upside. However, if it breaks the bottom of our channel, then we should expect to see price go down. However, a falling wedge pattern was identified with confluences (rising volume and momentum).
Therefore, I am bullish on QCOM.
My entry will be based on these findings to include the patterns identified. A break of the recent candle and channel will be my signal to enter a swing position.
*This is not financial advice.
Freedom & peace is prosperity,
MrALtrades00
Gap up from November 4,2021
Falling Wedge
Bullish Engulfing inside Falling Wedge pattern!