QCOM finds support at 200-day moving average
QUALCOMM Incorporated (QCOM) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
QCOM finished Thursday at 59.46 gaining $0.24 (0.41%). Trading up to $0.34 lower after the open, Qualcomm managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (QCOM as at Jun 14, 2018):
Thursday's trading range was $0.75 (1.26%), that's below last trading month's daily average range of $1.16. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Prices are trading close to the key resistance level at 59.81. After trading as low as 58.95 during the day, the market found support at the 200-day moving average at 59.14.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's low at 57.95, downside momentum could speed up should the share mark new lows for the month.