Qualcomm (QCOM) Stock Price Reversal Triggers Buy Signal

I like the pullback on Qualcomm stock NASDAQ: QCOM as price held the 50-day moving average and lower end of the regression trend channel.

The pullback gives us a solid line in the sand for stops (just below trend around $106).

I also like that it bounced off the 50 day MA and key trend support line.

For those that like long/short or manage that way, I think SPY would be a useful hedge for tracking purposes.

I think that in a short-term rally from here, the SPY would underperform the QQQ.

I’m looking at this as a short-term trade taking profits along the way to the target.

Qualcomm NASDAQ: QCOM Stock Price Charts (daily & weekly)

qualcomm stock buy signal qcom trend line support analysis image september 22
qualcomm stock price trend support buy area signal september 22

The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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