September 11 Chart of the Day - Qualcomm
Each September 11th I reflect on the lives that were lost that day back in 2001 and all the brave men and women who at anytime worked so hard and sacrificed to protect our great country. And because of them we sleep freely and soundly at night so thank you to all who serve and protect us.
Qualcomm (QCOM) price jumped today on the news that it will provide Apple with 5G chips for the iPhone through 2026.
But was that really the reason? Maybe...
Or could it be related to price action technical analysis?
We can see on the monthly chart price has tested but held above $104.48 area four times in the last year or so. Each time approaching a seemingly critical line in the sand $100 price level before shying away and moving back to the upside. But can the bulls continue to defend this area?
On the weekly chart we can see the case for price actually reaching $100 before making an ultimate decision of what it might do. If the $100 area decides not to hold then next levels down could be $92 or lower. If price decides it wants to go back to the upside then $120+ area could be a target.
So what's next?
We don't make predictions... Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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