Chart of the Day: A Tech Holding Rises to the Occasion
This stock is reporting earnings soon — and it could lead to some heavy buying following the print.
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Qualcomm QCOM, which has been swimming in a pool of red for some time now, most recently broke above some heady resistance in the low $160s. That launched the stock into a new zone of resistance, but now as we see in the top pane of the chart below, the candles are blue/teal rather than purple/pink. That makes a difference, the trend is now bullish and there is good support if news is not taken well. Prior to this recent move up Qualcomm was making lower lows but not higher highs, and still had a downtrend in place.
The recent action has turned the indicators bullish, there is stock to be bought at different price levels based on the chart lines drawn. MACD (moving average convergence/divergence) is on a buy signal, and check out the ADX in pane 3, which shows very strong price momentum based on this indicator.
Money flow is bullish too, with the Chaikin money flow indicator firmly in positive territory. Look for a good move for Qualcomm and to finally make it over that 200-day moving average resistance.
We like Qualcomm in TheStreetPro Portfolio and rate it a One, or "buy at anytime."
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At the time of publication, TheStreet Pro Portfolio was long QCOM.
