Qualcomm $QCOM has been pulling back after a bullish breakout from a triangle consolidation pattern formed since 2016. QCOM (click to enlarge)Consolidation Breakout:- As we can see on the daily chart, QCOM was in bearish correction mode from 2014 to early 2016. - After that price action shifted into a more sideways consolidation . - We can either project a triangle or just look at this period as a sideways range. - From either perspective, price broke above consolidation in September. - However, as the general equities market waned, QCOM also pulled back.Key Support:- If the market is indeed in a bullish mode after the bullish breakout, then we should see support in the $60-$62 area.- This is the central pivot of the sideways consolidation range.- It is also where the weekly moving averages reside (200, 100, 50). - We can also see this as a previous support/resistance pivot. - Ability to hold above this pivot can anchor QCOM into a bullish scenario with the 2014 high around $81.90 in sight. - A break below $60 would suggest further consolidation and bearish correction. This scenario would at least open up the $49-$50 area.