QCOM closes above its opening price after recovering from early selling pressure
Moving lower for the 4th day in a row, QCOM ended the week -0.89% lower at 64.82 after losing $0.26 (-0.4%) today. Today's closing price of 64.82 marks the lowest close since August 2nd. Trading up to $0.16 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 64.92, the market confirms its breakout through the prior session's low having traded $0.43 below it intraday.
Friday's trading range was $0.44 (0.68%), that's far below last trading month's daily average range of $1.05. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
|Close to R1 Resistance||TQ Pro Members Only|
|4 Consecutive Higher Closes||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Bearish Spinning Top||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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