Lethargic start to the session sees Qualcomm drop as low as $121.04

Qualcomm is down to $122.08, after ending yesterday at $123.4. Overall, a 1.07% loss or $1.32 today.

New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Retail Sales released today at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.

Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.

Technical analysis trend indicators suggest that investors are seeking long positions as Qualcomm price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Qualcomm's upper Bollinger Band® is at $127.08 which indicates a further downward move may follow.

Notwithstanding Qualcomm's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

In the meantime, negative performances are also seen in other technology stocks as after closing the previous session (yesterday) at $127.33, AMD lost $3.41 and is trading around $123.92.

Positive performances can be seen by looking at other technology stocks as Accenture plc Class A (Ireland) is up 1.1% to $318.53. Microsoft is trading at $340.73 after ending yesterday's session at $337.34 (up 1%).

Qualcomm hit a significant low of $103 around 22 days ago, but has since recovered 19.78%.