Qualcomm: Golden Cross and Inside Week
After nine months of sideways movement, Qualcomm may be coming back to life.
The main feature on the semiconductor maker’s chart is the “golden cross” of the 50-day simple moving average (SMA) above the 200-day SMA. The pattern occurred last Tuesday, August 24.
Next is the price zone around $145. It was the close following a strong quarterly report on November 5 and support through late February. It next served resistance until July 29, when QCOM gapped above on another set of bullish numbers. Since then, it has turned back into support. This level also is also near the confluence of the 50- and 200-day SMAs.
Third, consider the descending trendline since the end of July. This creates the potential for a bull-flag breakout if QCOM manages to close above it.
Finally, the stock just completed a bullish inside week. That may suggest it’s nearing the end of a consolidation phase and getting ready to move again.
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The main feature on the semiconductor maker’s chart is the “golden cross” of the 50-day simple moving average (SMA) above the 200-day SMA. The pattern occurred last Tuesday, August 24.
Next is the price zone around $145. It was the close following a strong quarterly report on November 5 and support through late February. It next served resistance until July 29, when QCOM gapped above on another set of bullish numbers. Since then, it has turned back into support. This level also is also near the confluence of the 50- and 200-day SMAs.
Third, consider the descending trendline since the end of July. This creates the potential for a bull-flag breakout if QCOM manages to close above it.
Finally, the stock just completed a bullish inside week. That may suggest it’s nearing the end of a consolidation phase and getting ready to move again.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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