This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Qualcomm’s share prices spiked outside the upper regression of the $11.50-$53 channel once again.

The recent pullback from the $94.17 high registered on July 13 was only short-lived as prices retraced only down to $84.54. This is near the 23.6% Fibonacci of the $58.00-$94.17 leg, however, not at or below the critical level.

Despite looking bullish, QCOM could see a deeper retracement before breaking to all-time highs above $100.

Both the RSI (14) and MACD indicators signal a bearish bias in the long and short-term.

As seen below, the short-term outlook sees a good resistance at $96.24 top. This is the previous high marked by the Jan 16 spike. In addition, this level is in confluence with the upper regression of the $64.41-$80.64 channel, suggesting a firmer market top.

qualcomm

Should bullish momentum increase, prices will rise and chances of a double-top at $96.24 will increase. Such a move might form a hidden divergence, which when followed by the existing standard divergence, could of...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: