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Fan Yang

Qualcomm (QCOM) Just Above Key Support ($60-$62)

Qualcomm $QCOM has been pulling back after a bullish breakout from a triangle consolidation pattern formed since 2016. 


(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. 

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