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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Qualcomm Inc (NASDAQ:QCOM) based on the price action in the company's shares. Yesterday's price range of $73.56 and $74.79 is within the prior day'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. Traders and investors interested in shares of Qualcomm Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Qualcomm Inc share prices have moved between a 52-week high of $90.34 and a 52-week low of $48.56 and closed yesterday at 53% above that low price at $74.35 per share. The 200-day and 50-day moving averages have moved 0.41% higher and 0.03% lower over the past week, respectively.

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 (NASDAQ:QCOM) is currently priced 15.7% above its average consensus analyst price target of $62.67. The stock should hit resistance at its 50-day moving average (MA) of $75.13, as well as support at its 200-day MA of $67.64.

SmarTrend is tracking the current trend status for Qualcomm Inc and will alert subscribers who have QCOM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle qualcomm inc

Ticker(s): QCOM