Here is my insight on QCOM
For the bounce case
~ 4 hr chart has not broken the support yet signifying we could see a bounce before going through it.
~ slight RSI bullish divergence in last 2 days signifies a small pullback could come.
~ we are on the 0.382 fib zone which is a zone to watch since pullbacks on an uptrend like that zone.
~ After going down a whopping 14 percent, we are due for a dead cat bounce of a possible 2-5 percent
If bounce exists
~ Since we broke the 200 ema it is likely we could go back to it and bounce off. This PT/put entry point would be 169 - 169.50
~ The 1hr chart hasn't pulled back to the emas yet after crossing them. The 50 ema would be the first to touch and would be at 173-174 range, which ironically is also a big zone of resistance from previous bottoms. This would be the ultimate entry point for puts, and a good stop loss for puts...If we go higher than this we are going back on the bull run.
Puts case
~ the 4 hr chart has already broke and then bounced off the 200 ema. SO it is not out of the question that we can go lower.
~ We just need to break this support. once we break the support, we are going to go back up to it. I'd wait for the support to break and the bounce to occur before entering puts.
For the bounce case
~ 4 hr chart has not broken the support yet signifying we could see a bounce before going through it.
~ slight RSI bullish divergence in last 2 days signifies a small pullback could come.
~ we are on the 0.382 fib zone which is a zone to watch since pullbacks on an uptrend like that zone.
~ After going down a whopping 14 percent, we are due for a dead cat bounce of a possible 2-5 percent
If bounce exists
~ Since we broke the 200 ema it is likely we could go back to it and bounce off. This PT/put entry point would be 169 - 169.50
~ The 1hr chart hasn't pulled back to the emas yet after crossing them. The 50 ema would be the first to touch and would be at 173-174 range, which ironically is also a big zone of resistance from previous bottoms. This would be the ultimate entry point for puts, and a good stop loss for puts...If we go higher than this we are going back on the bull run.
Puts case
~ the 4 hr chart has already broke and then bounced off the 200 ema. SO it is not out of the question that we can go lower.
~ We just need to break this support. once we break the support, we are going to go back up to it. I'd wait for the support to break and the bounce to occur before entering puts.