This Thursday, we will analyze Qualcomm, which we previously mentioned on the 6th of September and back then, we still had no clear view about its future direction. Why did we write the analysis then? Well, because the price was inside a symmetric triangle pattern, waiting for a breakout. We concluded that situation as follows:

“If the price closes the day above the upper line, we will have a buy signal. On the other hand, the price closing below the lower line, will give us a signal to sell. As long as the price stays inside the triangle, we need to be patient, after all in trading patience is very often rewarded.”

As you may have expected, the price got to the breakout and that’s what we’ll analyze today. So, the breakout happened to the downside, giving us a mid-term sell signal. It’s interesting because yesterday’s US session was actually very positive. Nevertheless, Qualcomm went the other way. After the breakout to the downside, we do have one target now and it is the orange horizontal support.

Negative sentiment will be cancelled, when the price will come back up above the red and lower green line but chances for that are rather limited.


About Author

During his career, Tomasz has held over 400 webinars, live seminars, and lectures across the globe. He was also an academic lecturer at Poland's Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for the accounts; none of which were ever negative. Tomasz gives preference to a technical approach to trading: mainly price action with very strict money management rules. He believes that the most important thing in trading is your mind, so it is much better to focus on trading psychology than to look for the Holy Grail of trading systems.

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