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Possible Bearish Inside Day Candle Pattern Detected for Qualcomm Inc (NASDAQ:QCOM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Qualcomm Inc (NASDAQ:QCOM) based on the price action in the company's shares. Today's price range of $76.20 and $76.80 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Qualcomm Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Qualcomm Inc (NASDAQ:QCOM) is currently priced 17.9% above its average consensus analyst price target of $62.67. Qualcomm Inc shares have support at the 50-day moving average (MA) of $73.63 and additional support at the 200-day MA of $64.41.

In the past 52 weeks, shares of Qualcomm Inc have traded between a low of $48.56 and a high of $90.34 and are now at $76.29, which is 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.4%.

QUALCOMM Incorporated manufactures digital wireless communications equipment. The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies and produces CDMA-based integrated circuits, as well as equipment and software used to track workers, assets, and software for wireless content enablement.

SmarTrend is monitoring the recent change of momentum in Qualcomm Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Qualcomm Inc in search of a potential trend change.

Keywords: bearish inside day candle qualcomm inc

Ticker(s): QCOM