After Yesterday's Rally of 1.96% Shares Could Potentially Pullback
QUALCOMM (NASDAQ:QCOM) traded in a range yesterday that spanned from a low of $54.40 to a high of $55.60. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $54.86 on volume of 5.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, QUALCOMM has traded in a range of $42.24 to $78.53 and is now at $55.23, 31% above that low. The 200-day and 50-day moving averages have moved 0.51% lower and 0.03% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of QUALCOMM on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.77. Since that recommendation, shares of QUALCOMM have risen 13.4%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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