QCOM trade ideas
QUALCOMM with bullish Flag Qualcomm is caught in its longtermdowntrend. Now the stock has reached an important resistance Level at round about 53$. Here is based the midterm downtrends upper edge and the important SMA 200.
In march, Qualcomm tried to beat this Level - a consolidation followed and stopped near the fibo 38,2.
From then on, a bullish flag appeared.
Now 2 different Szenarios can be traded:
- Short again, hoping that the resistance would hold again. With this opinion, an entry at the actual Level could be intzeresting. Stopp should be installed a tick above the sma 200. The TPs of this short coan be: 49,7 (flags bottom edge) / 49 (38,2 fibo) / 47,75 (0,5 fibo) / 44,4 longterm uptrends bottom edge) / 42,2 (last significant low) / 36 (worst case - midterm downtrends bottom edge)
- Breakout Chance : Long entry above the sma 200 with TP 58/59$.
i have illustrated the different views in the chart
QCOM - trade updateWe went long QCOM on the blue arrow price level (51) after breaking and closing above the short term descending trend line with an initial target of the longer term descending trend line. After prices jumped through the longer term trend line my initial next target is 65.70
QUALCOMM US STOCK SHORTWhen I open the MN chart there was typical move of price down and then price form correction moves. Now is potential secound reaction down. I wait on signal to sell from D1 chart.
QCOM has a bearish chart in near term. A candidate to short .QCOM could not break the downtrend at 53.59 and started moving down . It tried to pull from 50.78 but again was a lower high and fell below 50.66 on 3/24. This is an indication that the downtrend is here to stay for a while and can be short.
The weekly chart shows confims downtrend and also in overbought zone for now.
If it closes below 50.18, it is likely to touch 48.18 before it pulls back. if it does not sustain that it can fall to 47.43
Qualcomm Short 61.8% Retracement, Trendline and ResistanceI really like Qualcomm short here. It's at the 61.8 on the weekly. It's also at trend line resistance as well as previous structure support. While the market was up around 1.5% today, Qualcomm barely moved only going up 0.38%. It has a history of rallying up resistance levels and then crashing down hard. For all these reasons I'm short QCOM going into next week.
A clear IHS pattern for QCOMAt least for a year's time, this stock is going to do well. Entry at any point between 45 and 50 is safe.
15% Upside Potential in 50-days Not a JokeIt could go lower but the price is right at where great value investors will add and on top of that last 3-months insiders were loading the truck. Realtime go www.2waytrading.com
Bottom is not far nowLast time we noted that it will hit $50 within 6 months and it indeed hit now. Price testing 2010/2009 resistance which now turned to be a strong support and it should hold at least for now before it extends next leg down with target price $60 entry at $48 area. Real-time alert www.2waytrading.com
QCOM story endedAfter three days of short covering, it reaches the highest spot in the coming at least 12 month. It will be trading roughly between the two red lines, 59 to 67. It is an end of era.
Qualcomm earnings pullbacks are tradeableQualcomm (QCOM) has reported their calendar Q4 2014 quarter earnings on Jan 28, 2015. The key was a loss of a large mobile customer and 2015 guidance reduction which sent the stock down ~ 11%. This is a significant drop for a staid, blue chip tech stock like QCOM. Thus creating a high probability, tradeable pullback.
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