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QCOM rises to highest close since March 20th


Technical Analysis Report for QCOM - May 17, 2018 [< 1 min read]
Highlights
QCOM closes higher for the 2nd day in a row
QCOM pushes through previous session high
QCOM rises to highest close since March 20th
TQ Sentiment
Technical Forecast:
Overview

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 chart for QCOM
Volatility

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.

Support/Resistance

Prices are trading close to the key resistance level at 57.80.

Trend

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.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 57.80 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Closed above last periods high TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

QCOM closes within prior day's range

May 21, 2018
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