Here is a strong down trend proceeding a channel break to the downside. An Inside Bar/3 Bar Play has formed on the 4h at close giving an opportunity for entry below the low of the inside candle. Can expect (but not guarantee) another leg down to follow up the current consolidation to possible test and or fill the gap below.
So - I've been playing a new tool (to me it is), the 'Fixed Range Vol' I only recently realized is available in TradingView's arsenal.
I'm not exactly sure if I am using the correct way that it's intended to be used but so far, it's been a pretty reliable tool for my chart analysis attempts.
1.) I start by selecting the HH's and LL's on a higher time chart,...
Just talking walk down wall street AKA the HeatMap looking at a sea of red I notice a small pace of green as i zoomed in long behold it was QCOM as i started my top down analysis i seen it was breaking its down trend as i made my way to the daily chart i stumbled upon a Cup & Handle at the neckline looking ready to take off any moment with a measured move of 17...
Qualcomm
Short Term
We look to Buy at 143.04 (stop at 138.51)
Preferred trade is to buy on dips. Buying continued from the 38.2% pullback level of 141.98. 20 1day EMA is at 143.50. Posted a Bullish Hammer Bottom on the Daily chart. We look for gains to be extended today.
Our profit targets will be 156.56 and 159.40
Resistance: 156.60 / 160.00 /...
If you haven`t shorted QCOM on the exposure to China article here:
Then you should know that is QCOM is sitting on a strong support line, trading at a 38% forward P/E ratio discount versus the 5 year average!
Wells Fargo has an $150 price target for QCOM!
Looking forward to read your opinion about it.
![QCOM: QCOM Continuation Play [PUTS]](https://s3.tradingview.com/g/Gt5MxLoe_mid.png "QCOM Continuation Play [PUTS]")
