Earnings Play Qualcomm
Look for a bounce off of the 50-day SMA.
Share this:
On Wednesday, after market, Qualcomm (QCOM) is expected to report fourth quarter EPS of $1.19 compared to $0.78 last year on revenue of approximately $5.9 billion vs. $4.8 billion a year earlier. The company makes digital wireless communications equipment and on October 31st, Linksys and the Co introduced the first 5G and Wi-Fi 6 mobile Hotspot in Korea and Hong Kong.
Looking at a daily chart, in logarithmic scale, Qualcomm's stock price is currently advancing within a short-term rising channel that began to form in August. The RSI is currently sitting over 50 and showing negative divergence. The pattern appears to be showing some weakness since price did not touch the upper trendline before finding support on the lower trendline. In the intermediate-term, price has been using the 50-day simple moving average (SMA) as major support, and the lower trendline of the pattern is very close to the 50-day SMA. Since the bias remains bullish, price will probably hold above the 50-day SMA before continuing to rise towards to the record high of roughly 132.50. If price can breakout above 132.50, then the next target would be 152.75. On the other hand, if price breaks below the lower trendline and the 50-day SMA, it would be a bearish signal. Price would then likely decline to its 115.50 support level, where a bounce could occur. If price fails to be supported at 115.50, then price could slip further to the 108.00 level.
Source: GAIN Capital, TradingView
Looking at a daily chart, in logarithmic scale, Qualcomm's stock price is currently advancing within a short-term rising channel that began to form in August. The RSI is currently sitting over 50 and showing negative divergence. The pattern appears to be showing some weakness since price did not touch the upper trendline before finding support on the lower trendline. In the intermediate-term, price has been using the 50-day simple moving average (SMA) as major support, and the lower trendline of the pattern is very close to the 50-day SMA. Since the bias remains bullish, price will probably hold above the 50-day SMA before continuing to rise towards to the record high of roughly 132.50. If price can breakout above 132.50, then the next target would be 152.75. On the other hand, if price breaks below the lower trendline and the 50-day SMA, it would be a bearish signal. Price would then likely decline to its 115.50 support level, where a bounce could occur. If price fails to be supported at 115.50, then price could slip further to the 108.00 level.
Source: GAIN Capital, TradingView
On Wednesday, after market, Qualcomm (QCOM) is expected to report fourth quarter EPS of $1.19 compared to $0.78 last year on revenue of approximately $5.9 billion vs. $4.8 billion a year earlier. The company makes digital wireless communications equipment and on October 31st, Linksys and the Co introduced the first 5G and Wi-Fi 6 mobile Hotspot in Korea and Hong Kong.
Looking at a daily chart, in logarithmic scale, Qualcomm's stock price is currently advancing within a short-term rising channel that began to form in August. The RSI is currently sitting over 50 and showing negative divergence. The pattern appears to be showing some weakness since price did not touch the upper trendline before finding support on the lower trendline. In the intermediate-term, price has been using the 50-day simple moving average (SMA) as major support, and the lower trendline of the pattern is very close to the 50-day SMA. Since the bias remains bullish, price will probably hold above the 50-day SMA before continuing to rise towards to the record high of roughly 132.50. If price can breakout above 132.50, then the next target would be 152.75. On the other hand, if price breaks below the lower trendline and the 50-day SMA, it would be a bearish signal. Price would then likely decline to its 115.50 support level, where a bounce could occur. If price fails to be supported at 115.50, then price could slip further to the 108.00 level.
Source: GAIN Capital, TradingView
Looking at a daily chart, in logarithmic scale, Qualcomm's stock price is currently advancing within a short-term rising channel that began to form in August. The RSI is currently sitting over 50 and showing negative divergence. The pattern appears to be showing some weakness since price did not touch the upper trendline before finding support on the lower trendline. In the intermediate-term, price has been using the 50-day simple moving average (SMA) as major support, and the lower trendline of the pattern is very close to the 50-day SMA. Since the bias remains bullish, price will probably hold above the 50-day SMA before continuing to rise towards to the record high of roughly 132.50. If price can breakout above 132.50, then the next target would be 152.75. On the other hand, if price breaks below the lower trendline and the 50-day SMA, it would be a bearish signal. Price would then likely decline to its 115.50 support level, where a bounce could occur. If price fails to be supported at 115.50, then price could slip further to the 108.00 level.
Source: GAIN Capital, TradingView
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Gold Outlook: XAU/USD hit hard as US yields, dollar resume ascent
A stronger dollar, surging front-end yields and renewed geopolitical tension have combined to push gold back towards key technical support.
S&P 500, Nasdaq, Dow Forecast: Wall Street Split Widens Into Month-End 9 26 2026
Nasdaq strength contrasts with mounting Dow pressure as rising Treasury yields raise the stakes for stocks heading into the monthly close.
USD/JPY Weekly Outlook: Payrolls loom as US rates remain the dominant driver
Strong US growth and hawkish Fed pricing continue to support USD/JPY, while intervention risk appears to be kicking in at lower levels
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.