Watch for Shares of QUALCOMM (QCOM) to Approach Support at $63.48
Shares of QUALCOMM (NASDAQ:QCOM) opened today below their pivot of $64.58 and have already reached the first level of support at $63.96. Should the shares continue to fall, the support pivots of $63.48 and $62.38 will be of interest.
In the past 52 weeks, QUALCOMM share prices have been bracketed by a low of $45.98 and a high of $68.87 and are now at $63.59, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.
QUALCOMM has overhead space with shares priced $63.59, or 13.8% below the average consensus analyst price target of $73.75. The stock should find initial support at its 50-day moving average (MA) of $61.67 and further support at its 200-day MA of $61.14.
SmarTrend recommended that subscribers consider buying shares of QUALCOMM on November 8th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.59. Since that recommendation, shares of QUALCOMM have risen 4.6%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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