Qualcomm Rallied and Pulled Back
Qualcomm rallied to all-time highs in June following a strong earnings report on May 1. Now, after a pullback, some traders may look for further upside.
The first pattern on today’s chart is the 50 percent retracement of the move following the quarterly results. QCOM’s ability to hold that zone may suggest its uptrend remains in effect.
Second, the chip stock bounced near its rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Next, prices are above the 21-day exponential moving average (EMA). The 8-day EMA has also crossed back above the 21-day EMA. Those patterns may reflect a bullish short-term trend.
Finally, the stock just completed a positive inside week. That may suggest it has stabilized following the latest pullback.
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The first pattern on today’s chart is the 50 percent retracement of the move following the quarterly results. QCOM’s ability to hold that zone may suggest its uptrend remains in effect.
Second, the chip stock bounced near its rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Next, prices are above the 21-day exponential moving average (EMA). The 8-day EMA has also crossed back above the 21-day EMA. Those patterns may reflect a bullish short-term trend.
Finally, the stock just completed a positive inside week. That may suggest it has stabilized following the latest pullback.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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