QCOM finds support at 200-day moving average


QUALCOMM Inc. (QCOM) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
QCOM closes above its opening price after recovering from early selling pressure
QCOM finds support at 200-day moving average
QCOM closes within previous day's range after lackluster session
QCOM ends the day indecisive
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

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 chart for QCOM
Volatility

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.

Support/Resistance

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.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for QUALCOMM Inc.
Condition Forecast Direction Win Avg Worst Best Events
RSI(14) above 70 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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