$192 Keeps Stalling Qualcomm, Inc. (QCOM)
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Qualcomm, Inc. engages in the development, design, and provision of digital telecommunications products and services. It operates through the following segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI).
Take a look at the 1-year chart of Qualcomm (NASDAQ: QCOM) below with the added notations…
Chart of QCOM provided by TradingView
QCOM has been chopping sideways for a couple of months now, hitting the $192 zone as resistance (red) multiple times along the way. That area is also the 52-week high barrier. A break of that $192 mark most likely means another long leg higher for QCOM.
The Tale of the Tape: QCOM has a 52-week resistance at $192. The possible long position on the stock would be on a breakout above that level with a stop placed under it.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Good luck!
Christian Tharp, CMT
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