QCOM climbs to highest close since January 14th
QUALCOMM Incorporated (QCOM) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, QCOM ended the week 5.74% higher at 56.60 after surging $1.20 (2.17%) today on high volume, strongly outperforming the Nasdaq 100 (0.88%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on March 6th, QCOM actually lost -1.41% on the following trading day. Today's close at 56.60 marks the highest recorded closing price since January 14th. Closing above Thursday's high at 55.87, the market confirmed its breakout through the prior session high after trading up to $1.47 above it intraday.
Daily Candlestick Chart (QCOM as at Mar 15, 2019):
Friday's trading range has been $2.42 (4.4%), that's far above the last trading month's daily average range of $0.98. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for QCOM.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
The stock managed to close above the 100-day moving average at 55.87 for the first time since October 23, 2018.
Crossing above the upper Bollinger Band for the first time since February 22nd, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 53.76 or signal the beginning of a strong momentum breakout leading to even higher prices.
While the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
With prices trading close to this year's high at 58.17, upside momentum could accelerate should QUALCOMM Incorporated be able to break out to new highs for the year.
Among the 12 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 427 times, QCOM closed higher 56.67% of the time on the next trading day after the market condition occurred.