QCOM finds support at 200-day moving average
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.
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.
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.
|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|
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