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Uncovering Noteworthy Technical Analysis Findings for QUALCOMM INC (NASDAQ:QCOM).

By Mill Chart

Last update: Dec 4, 2023

We've identified QUALCOMM INC (NASDAQ:QCOM) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:QCOM for further developments.

QCOM Daily chart on 2023-12-04

Analyzing the Technical Aspects

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 8 out of 10 to QCOM. Although QCOM is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • QCOM is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so QCOM is lagging the market slightly.
  • In the last month QCOM has a been trading in the 117.36 - 130.60 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the yearly performance of all stocks, we notice that QCOM is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
  • QCOM is part of the Semiconductors & Semiconductor Equipment industry. There are 104 other stocks in this industry, QCOM did better than 68% of them.

For an up to date full technical analysis you can check the technical report of QCOM

How do we evaluate the setup for NASDAQ:QCOM?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:QCOM currently has a 8 as setup rating:

Besides having an excellent technical rating, QCOM also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 129.68. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 129.44, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for QCOM in the last couple of days, which is a good sign.

Trading setups like NASDAQ:QCOM

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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QUALCOMM INC

NASDAQ:QCOM (2/21/2024, 7:03:34 PM)

After market: 154.74 +2.73 (+1.8%)

152.01

+0.05 (+0.03%)

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