QCOM pushes through Thursday's high
QUALCOMM Incorporated (QCOM) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, QCOM finished the week 1.59% higher at 57.50 after gaining $0.70 (1.23%) today, notably outperforming the Nasdaq 100 (-0.3%). Today's close at 57.50 marks the highest recorded closing price since December 18, 2018. Closing above Thursday's high at 56.99, the stock confirmed its breakout through the prior session high after trading up to $1.18 above it intraday.
Daily Candlestick Chart (QCOM as at Jan 11, 2019):
Friday's trading range has been $1.84 (3.26%), that's above the last trading month's daily average range of $1.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QCOM.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 50-day moving average at 57.40 for the first time since October 9, 2018. The market found buyers again today around 56.33 for the third trading day in a row after having found demand at 56.10 in the previous session and at 56.14 two days ago. The last time this happened on December 14, 2018, QCOM actually lost -1.08% on the following trading day.
While QUALCOMM Incorporated is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the close-by swing low at 56.10 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for QUALCOMM Incorporated. Out of 428 times, QCOM closed higher 56.31% of the time on the next trading day after the market condition occurred.