QCOM rises to highest close since March 20th
QUALCOMM Incorporated (QCOM) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, QCOM ended Thursday at 56.95 gaining $0.25 (0.44%). Today's closing price of 56.95 marks the highest close since March 20th. Closing above Wednesday's high at 56.81, Qualcomm confirms its breakout through the prior session's high having traded $0.57 above it intraday.
Daily Candlestick Chart (QCOM as at May 17, 2018):
Thursday's trading range was $0.98 (1.73%), that's below last trading month's daily average range of $1.34. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 57.80.
Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the nearby swing high at 57.80 where further buy stops could get activated.