Qualcomm closes at $116.35 after gaining 1.02%

Today at a glance: after ending yesterday at $115.18, Qualcomm went up to $116.64 only to drop back, yet still traded well overall and closed at $116.35 today.

On the flip side, data from United States concerning Initial Jobless Claims was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 233,000 to 261,000 this month. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Meanwhile, United States Fed's Balance Sheet released today at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion.

Despite posting gains on today, Qualcomm slid below its 50 day Simple Moving Average at $114.41 during the last session — an early indicator that a negative trend could be emerging. Qualcomm's upper Bollinger Band® is at $120.37, this is a slight indication of a slowdown. Qualcomm is 94 cents away from testing key resistance at $117.29. Peaking above this level could inspire market bulls and open the path to further gains.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Qualcomm is set for a reversal in the coming days.

This rally in Qualcomm's share price coincided with other technology stocks as Adobe gained 4.95%, as it traded at $439.03. Apple added 1.55% to its value, and traded at $180.57. Oracle was up 2.12%.

Having set a significant low of $103 15 days ago, the 5G mobile wireless technology developer is trading 11.8% higher.