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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 $91.66 and $92.00 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.

Qualcomm Inc (NASDAQ:QCOM) defies analysts with a current price ($91.39) 31.4% above its average consensus price target of $62.67. The stock should discover initial support at its 50-day moving average (MA) of $78.87 and subsequent support at its 200-day MA of $70.47.

In the past 52 weeks, shares of Qualcomm Inc have traded between a low of $49.10 and a high of $94.11 and are now at $91.39, which is 86% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 1.8%.

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.

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: bearish inside day candle qualcomm inc

Ticker(s): QCOM