QCOM dominated by bulls lifting the market higher throughout the day
QUALCOMM Incorporated (QCOM) Technical Analysis Report for Nov 08, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, QCOM finished the week 12.5% higher at 94.03 after surging $4.05 (4.5%) today on high volume, notably outperforming the Nasdaq 100 (0.44%). Today's close at 94.03 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 92.50, the stock confirmed its breakout through the previous session high after trading up to $1.61 above it intraday.
Daily Candlestick Chart (QCOM as at Nov 08, 2019):
Friday's trading range has been $4.51 (5.01%), that's far above the last trading month's daily average range of $1.75. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for QCOM.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 1st, QCOM gained 1.81% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 81.61.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 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 57.24% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.04% with an average market move of 0.62%.