Is Qualcomm a durable tech stock?

Hi everyone,

Today we will talk about QCOM, a semicunductor manufacturing company.
As we saw almost all tech stocks selling off from late November through to 2022, QCOM managed to stay up there quite nicely.

The question to ask now: Is it lagging?

Will [symbol="NASDAQ:QCOM"]NASDAQ:QCOM follow broad tech market and proceed to a major correction?
Or will it continue grinding higher?

Inasmuch as semdiconductor industry is carrying world's supply chain on its shoulders, I still think we could see a correction in the stock.
We've got a looming danger of Fed's interest rate hike somewhere in March-June this year.
I cannot believe any risk asset such as tech stock would stand still when it happens.

Putting macro stuff aside for a moment, we can see a similar pattern in the past of the stock price, where ATHs were reached, touching a rising trend resistence, which led to a rapid 26% correction and 260 days consolidation in the lower range.

I strongly believe that the conditions are ripe for the same scenario to repeat.

I will buy the stock after new consolidation pattern is established, preferrably near 150 level.

Please let me know if you found my macro rant useful and if you would like to see similar content in the future.

Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise
2022boxescorrectionFractalFundamental AnalysisQCOMsemiconductorsStocksTECHTrend Analysis

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