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- 1 Qualcomm’s (NYSE: QCOM) price surged nearly 4% (approx.) in the last week.
- 2 QCOM stock price dropped below the key moving average of 50 and 200 EMA.
- 3 Qualcomm Inc. Company paid dividends of $0.80 on Wednesday, 30th August.
Qualcomm Inc. (QCOM stock) price took support from $107 and bounced back to close at $114.36 on Friday. The Stock started this week with positivity and managed to gain 0.75% on Monday. Qualcomm Inc. (NYSE: QCOM) Company paid a dividend of $0.80 per share on 30 August.
The daily chart shows that the price rebounded from the $100 level and surged to a high of $132.89 in a span of two months before the quarterly results attaining a return of more than 25%.
The company reported recent quarterly results on 2 August 2023 post which the stock showed a gap-down opening of 10% which led the sellers to short-sell near the upper levels and the stock declined.
The stock price could not sustain the key moving averages of 50 and 200 EMA which showed the dominance of the sellers at the upper levels. The stock price took support at $107 and consolidated.
The Analysts offering a 1-year price forecast for Qualcomm Inc. have a max estimate of $167.70 and a minimum estimate of $95. Qualcomm Inc. engages in developing and commercializing foundational technologies and products in mobile devices and other products.
QCOM stock option-chain analysis states that the current implied volatility in the market is 24.39% with a decrement of 1.37% in the last trading session. The nearest support of $20 has an OI of 265 open contracts on the CALL side and 1270 open contracts on the PUT side indicating that the buyers are in domination at the support which indicates that the price might continue to surge to upper levels.
QCOM Stock Price Bounced Back From The Lower Levels.
The QCOM stock price currently trades at $115.39 and inclining upwards after a decline followed by consolidation at the lower support levels.
The Analysts are bullish about the trend in the short term as the price has bounced back from the lower levels. The price may continue to surge till the upper trendline resistance.
However, the breakdown of the $107 level may turn the short-term trend and the price may decline sharply.
The EMAs Showing A Death Crossover On the Daily Chart
The daily QCOM stock price chart shows that the price is trading below the 50 and 200 EMA which might act as a resistance to the inclining price.
Currently, the overall Technical Opinion rating including RSI and MACD is signaling a 72% sell with a weakening short-term outlook on maintaining the current direction.
Conclusion
Qualcomm Inc.’s (QCOM) stock price bounced back from $107 to $114.36 after a gap-down opening of 10% following the quarterly results. The stock had surged from $100 to $132.89 in two months before the results. The price is currently trading at $115.39 and may continue to rise till the upper trendline resistance. However, a breakdown of $107 may change the short-term trend to bearish. The analysts are optimistic about the stock in the short term as it has rebounded from the lower support levels.
Technical Levels
- Support levels: $113.19 and $107.18.
- Resistance levels: $126.36 and $2132.89.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
