Stock of the Day: Qualcomm

In today’s stock spotlight, we turn to Qualcomm, a company that has recently faced a significant downturn. Since the middle of 2024, the stock has undergone a sharp sell-off, falling from highs around $230 to current levels near $130. This dramatic decline — nearly halving the stock’s value — underscores the bearish pressure tech names have faced amid broader market volatility.

What’s particularly notable now is the technical setup. Qualcomm is currently testing a crucial long-term uptrend line, marked in red on the chart, which originates from the COVID-19 crash lows of 2020. This line has provided support for several significant rebounds over the past four years, making its relevance hard to overstate.

As of now, the price is bouncing off this support, suggesting there is still some appetite from buyers at this level. If the bounce continues to hold, we could expect the stock to retrace back up toward the nearest resistance, marked in orange around $154 — a zone that previously served as support in 2023 and early 2024.

However, if the price closes a day below the red uptrend line, that would be a clear technical breakdown and likely accelerate the bearish momentum. In that scenario, the next target would be the yellow horizontal support near $104, which corresponds with the consolidation zone from mid-2020.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-qualcomm-6