QCOM - Poor technical SetupNASDAQ:QCOM seems to have a poor technical setup which increases the likelihood of stock filling the gap under $100. Silver Lining is the last ER call where Mgt downplayed a China Lockdown owing to the fact that consumer handheld business outside China remains strong and potentially offset China loss. Personally I'm on the fence here with an Avg around $141 evaluating my next steps (May see how NVDA plays out this week after ER). QCOM is my 4rd largest position.
Current Portfolio as of 5/23:
Cash 23%
PG 13%
AAPL 11%
QCOM 10%
AMD 9%
MSFT 8%
NVDA 8%
CTRA 6%
MRVL 3%
GOOGL 3%
F 3%
WFC 3%
Disclaimer: My opinion on stocks are mine alone and not to be taken as Investment advice.
QCOM trade ideas
QCOM strong supportIf 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 at key support? Qualcomm
Short Term - We look to Buy at 124.23 (stop at 118.34)
We look to buy dips. Previous support located at 125.00. Although the anticipated move higher is corrective, it does offer ample risk/reward today. We look for a temporary move higher. Trading has been mixed and volatile.
Our profit targets will be 141.29 and 149.10
Resistance: 145.00 / 160.00 / 190.00
Support: 125.00 / 110.00 / 100.00
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QCOM is at the Edge of a CliffQCOM appears to be ready to pull a Wile E. Coyote and run off a cliff.
Not a good look.
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QCOM Wyckoff Distribution?Toward the end of last year, I posited the idea that QCOM was executing a "fake-out break-out". Bears get trapped after a failed consolidation then get short squeezed higher. Instead of trading to new highs, QCOM has only consolidated in a range near ATH. This leads me to believe that distribution is occurring near ATH. This is a major piece to wyckoffs price cycle.
I have marked off the elements of the distribution cycle that I believe we have seen so far. The remaining elements are a final upthrust (optional) and last point of supply, which traps bulls in a false breakout and converts the last of a long position into a short position.
Set up:
The pattern breaks down when the Auto Reaction support zone is broken. I am looking to take a short below that level (~$170). I will be looking for a break below the 100 sma as well as RSI to cross below 50 and MACD to perform a bearish crossunder.
Risk Management
My price target is near 140. It happens to be the gap fill and the fib extension. That is about a $30 drop from current levels. I believe a $3-5 stoploss is appropriate for this kind of swing trade.
I am sitting on my hands until I get confirmation that a breakdown will occur.
QCOM as buy in 2022 hard times?QCOM as buy in 2022 hard times?
Buy is based on technical - Supply and Demand Zone theory.
Price is currently inside discounted Demand Zone, zone is bigger so we can wait for LTF confirmation in form of bullish break of structure or make refinement of major POI on lower tf's OR just buy and be patient ;)
$QCOM - Trendline bounceQCOM revisited long term trendline around $142.60 and bounced.
Target 1 - $157
Target 2 - $165
Target 3 - $176
Stop - $139
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.
QCOMIt has crossed the shaded area as shown on the chart. The targets are from it, we enter a correction to its maximum limits. It is clear on the chart, including a bullish wave. The analysis cancels when the third area is broken by closing a 3-hour candle below it or closing above the third target, an hourly candle.
QCOM | Qualcomm Incorporated | The Bulls Area Back In QCOMQualcomm is an American multinational corporation.
It creates semiconductors, software, and services related to wireless technology.
It owns patents critical to the 5G, CDMA2000, TD-SCDMA, and WCDMA mobile communications standards.
Over the years, Qualcomm has expanded into selling semiconductor products in a predominantly fabless manufacturing model.
It also developed semiconductor components or software for vehicles, watches, laptops, wi-fi, smartphones, and other devices.
Technical Analysis:
The price created a "Descending Channel" pattern and now we can see a clear
the reaction that it is trying to move up again.
Considering that all the indexes are also recovering and on the other hand FED is
making the impossible to push economic growth, QCOM can reach the targets on the chart
very soon.
Thank you and Good Luck!