Qualcomm currently down 0.82% halfway through today

The wireless technology company drops 0.82% in early trade and remains within touching distance of the $117.67 level.

Qualcomm is currently trading at $117.67 following the release of Services PMI data from the United States.

While price action maintains a negative bias, United States Services PMI released today at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.

Analysis of Qualcomm's recent price action suggests Qualcomm could begin to recover as it approaches significant support, now 46 cents away from $117.21. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Qualcomm's lower Bollinger Band® is at $116.48, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Qualcomm will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other technology stocks as after closing the previous session (yesterday) at $89.29, TSM lost $3.29 and is trading around $86. After closing the previous session (yesterday) at $30.86, Intel lost 41.5 cents and is trading around $30.45.

Positive performances can be seen by looking at other technology stocks as SAP is up 5.38%.

The stock has been trending positively for about a month. 8 months ago the 5G mobile wireless technology developer reached a significant high of $155.86 but has consequently lost 23.88% since then.