Qualcomm Inc. QCOM stock price defended $105.00 support and showed a minor bounce. Buyers trying to push the price above the 50-day EMA to regain the confidence of the long-term investors. Qualcomm stock price behavior is quite volatile and frequent gap up and gap down is normal. However, the price is inside the range and buyers are trying their best to rebound.
QCOM stock price is in a downtrend but in the coming months, buyers succeed in expanding the range upward. Then a sharp rise toward $120.00 is possible. Moreover, it might also show signs of a bullish trend reversal.
Qualcomm Inc. is near the demand zone so the downside looks limited. However, if the technology sector stocks witnessed a selloff, then QCOM may be negatively impacted.
At the beginning of September, buyers tried to break out of the $117.00 hurdle. But due to certain reasons, the price faced rejection and reverted down. The stock did not collapse but slowly tested the lower range. Qualcomm stock price closed the previous session at $109.80 with an intraday decline of -0.05%.
QCOM Stock Price Needs Fresh Buying
QCOM stock price is reversing upward and bulls are returning back to the track. The buyers will gain confidence when they succeed in breaking the $117.00 hurdle. Till then, the price is expected to continue the consolidation in the existing range.
Qualcomm stock needs fresh buying or any bulk deal for the breakout. Until the breakout happens, the trend will be down and sellers will remain active. On the other hand, if the price slips below $105.00, then bears may try to pull it down to new lows.
Qualcomm Stock Price Trading Range Bound
Qualcomm stock price is trading range bound and formed a strong base near $100.00. Previously, sellers tried multiple times to drag the price below $100.00 but buyers came forward and defended it. In the coming months, if the price comes near $100, the previous price pattern may be repeated.
The MACD curve slopes sideways but the histogram bars are green indicating mild bullishness. The RSI at 45 denotes neutral territory so the price might consolidate for some more time.
Conclusion
Qualcomm Inc. QCOM stock price defends $105.00 and reverses upward. The confirmation of the bullish reversal will come when buyers are able to break the $117.00 hurdle. The analysis suggests that until the Qualcomm stock price breaks out of the $117 level, investors should avoid creating a bullish position.
Technical Levels
- Resistance levels: $117.40 and $125.00
- Support levels: $105.46 and $101.00
