Stock of the day: Qualcomm

In today’s stock of the day, we revisit Qualcomm, which I analyzed previously on September 10th. At that time, I highlighted the importance of the blue neckline of a head and shoulders formation, marked with a yellow rectangle, and was anticipating a breakout or a bounce. We saw the bounce materialize, and the price subsequently climbed higher, reaching the critical resistance around $177, marked with an orange color, a level that has been significant since March.

Currently, the focus has shifted from the head and shoulders pattern to these two pivotal horizontal levels: the blue horizontal support at $158 and the orange horizontal resistance at $177. A break below the blue support would trigger a sell signal, while a break above the orange resistance would indicate a strong buy opportunity. Traders should watch these levels closely for the next decisive move.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-qualcomm-2