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Look for Shares of Qualcomm Inc to Potentially Rebound after Yesterday's 1.52% Sell Off

By James Quinn

Qualcomm Inc (NASDAQ:QCOM) traded in a range yesterday that spanned from a low of $68.27 to a high of $70.40. Yesterday, the shares fell 1.5%, which took the trading range below the 3-day low of $69.20 on volume of 5.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Qualcomm Inc share prices have moved between a 52-week high of $90.34 and a 52-week low of $48.56 and are now trading 41% above that low price at $68.61 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Qualcomm Inc on May 20th, 2019 by issuing a Downtrend alert when the shares were trading at $77.20. Since that call, shares of Qualcomm Inc have fallen 9.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders qualcomm inc

Ticker(s): QCOM