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July 05, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks today. Looking back over the previous session Monday: the wireless technology company went up to $120.09, gaining 0.88%.
Qualcomm is 80 cents away from testing key resistance at $120.89. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on Monday, Qualcomm slid below its 200 day Simple Moving Average at $118.93 during the last session — an early indicator that a negative trend could be emerging. Qualcomm's upper Bollinger Band® is at $125.04, this is a slight indication of a slowdown.
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.
A look at other technology stocks also showed bullish price action as TSM added 2.21% to its value, and traded at $103.15.
Qualcomm went up Monday, yet these technology stocks did not follow — SAP closed at $134.55 (down 1.65%). Oracle went down 1.63%, closed at $119.09.
Monday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.
Also worthy of note, as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 239,000. New data is set to be published tomorrow at 12:30 UTC.
Elsewhere, United States ADP Nonfarm Employment Change (Jun) scheduled to come out tomorrow at 12:15 UTC.
After hitting an important low of $103 approximately a month ago, the wireless technology company has bounced back 15.55% since.
