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June 23, 2023
A quick look at yesterday: after closing at $115.76 on Wednesday, Qualcomm maintained a strong bullish bias that helped the stock close higher at $116.4 yesterday. However, market bears ensured the the 5G mobile wireless technology developer topped out at $116.68 and that by the end of the session, the market had marked out a distinct $114.91 to $116.68 range.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
At the same time, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
Despite posting gains on yesterday, Qualcomm slid below its 21 day Simple Moving Average at $115.17 during the last session — an early indicator that a negative trend could be emerging. Qualcomm is 68 cents away from testing key resistance at $117.08. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Examining the technical analysis landscape, Qualcomm is likely to reverse course and start pointing downward in the short term.
This rally in Qualcomm's share price coincided with other technology stocks as Microsoft gained 1.84%, as it traded at $339.71.
While Qualcomm was bullish yesterday, the following technology stocks underperformed: IBM went down to $131.17, losing 1.88% after it closed at $133.69 yesterday. Accenture plc Class A (Ireland) drops 1.9% yesterday to close at $313.2.
Furthermore, the market is looking at United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
The stock has been trending positively for about 29 days. Qualcomm hit a significant low of $103 around 30 days ago, but has since recovered 12.37%.
