Qualcomm ended sideways Thursday, closing at $123

Qualcomm is on a 5 day downtrend With a marginal improvement upon Thursday's session, after dropping down to $121.05, the wireless technology company recovers some losses and is currently trading at $123.

Qualcomm made an initial breakout above its 21 day Simple Moving Average at $121.57, a potential indicator of a newly emerging bullish phase. Qualcomm is climbing away and is now $3.17 from the $119.83 support line.

Despite muted price action in Qualcomm, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances were seen by other technology stocks as Microsoft was up 2.55%. Intuit gained 1.91%, as it traded at $446.76.

The 5G mobile wireless technology developer has gained 14.73% since its lowest print of $103.88 earlier this year.