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

By David Diaz

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 $94.80 and $95.71 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.

Based on a current price of $94.82, Qualcomm Inc is currently 33.9% above its average consensus analyst price target of $62.67. The stock should discover initial support at its 50-day moving average (MA) of $87.86 and subsequent support at its 200-day MA of $78.46.

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.

Qualcomm Inc share prices have moved between a 52-week high of $96.17 and a 52-week low of $49.10 and are now trading 93% above that low price at $94.82 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Qualcomm Inc on December 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.80. Since that recommendation, shares of Qualcomm Inc have risen 9.2%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle qualcomm inc

Ticker(s): QCOM