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- 1 Qualcomm stock price slid down 1.15% intraday on Thursday and closed at $107.96.
- 2 Qualcomm Inc. is expected to cut jobs in the Shanghai office as reported by media Outlets on Thursday.
- 3 Qualcomm’s stock price slumped nearly 5% since Monday, September 18th.
Qualcomm Inc. (QCOM) stock price is down 5.1% in the first four sessions of this week and may turn the whole week in red if it declines on Friday, September 22nd. The price experienced selling pressure near the 50-day EMA and declined back to the lower demand zone of $107.
The QCOM stock price may face some difficulties amid the news on Thursday that the QCOM Company is expected to cut jobs in its Shanghai office. However, the company denied the speculation of the layoffs being done on a large scale.
The reason behind the layoffs is expected to be rising uncertainty in the macroeconomic and demand environment. The company reported that uncertainty in the demand is expected to take additional restructuring actions to enable investments in key growth and diversification opportunities.
The daily chart illustrates that the stock price has been showing volatility on the daily charts. The stock has been constantly decreasing its range of trading from both the upper and lower levels leading to the formation of a symmetrical triangle pattern.
QCOM stock option-chain analysis states that the current implied volatility in the market is 29.48% with an increment of 1.45% in the last trading session. The nearest support of $108 has an OI of 151 open contracts on the CALL side and 1689 open contracts on the PUT side indicating that the buyers are in dominance at the CMP.
QCOM Stock Price Accumulating Near Trendline Support
The QCOM stock price currently trades at $107.96 and is accumulating near the recent demand zone and trendline support. The breakout of the accumulation may lead the price to the upper trendline resistance.
However, the breakdown below the positive trendline may bring short-term bearishness in the stock, and the price may decline to test the lower levels of $100.
EMAs Show Weakness Over the Charts
The daily QCOM stock price chart shows that the price is trading below the 50 and 200-day EMA which might act as a resistance to the inclining price.
Currently, the overall technical opinion rating including RSI and MACD is signaling an 88% sell with a strong short-term outlook on maintaining the current direction.
Conclusion
Qualcomm Inc. (QCOM) stock price dropped 5.1% this week and may end the week in red. The price faced resistance near the 50-day EMA and fell back to the $107 level. The company is expected to cut jobs in its Shanghai office due to uncertainty in the demand environment.
The company denied that the layoffs would be large-scale. The daily chart shows that the price is forming a symmetrical triangle pattern and trading near the trendline support. A breakout or breakdown of this pattern may determine the next direction of the price.
Technical Levels
- Support levels: $107.18 and $107.18
- Resistance levels: $117.54 and $126.36
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.
