• Return to Headlines

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

By James Quinn

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. Yesterday's price range of $94.55 and $95.72 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. 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.

In the past 52 weeks, Qualcomm Inc share prices have been bracketed by a low of $49.10 and a high of $96.17 and closed yesterday at $94.58, 93% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

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.

Based on a current price of $94.58, Qualcomm Inc is currently 33.7% above its average consensus analyst price target of $62.67. Qualcomm Inc shares have support at the 50-day moving average (MA) of $88.08 and additional support at the 200-day MA of $78.65.

SmarTrend recommended that subscribers consider buying shares of Qualcomm Inc on December 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.80. Since that recommendation, shares of Qualcomm Inc have risen 9.2%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle qualcomm inc

Ticker(s): QCOM