Qualcomm flat yesterday, closed at $123.53 while in the midst of a bearish run

Qualcomm has been losing ground for 4 days, shedding a total of 2.12% of its value. A slight improvement can be seen from yesterday's session: an influx of buyers helped the 5G mobile wireless technology developer to end the session higher around $123.53, while establishing a $122.93 to $125.09 session range yesterday.

Qualcomm's state is reflected by market data as United States Consumer Confidence fell short of the 108.5 projections, with new data of 102.9. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.

Qualcomm made an initial breakout above its 5 day Simple Moving Average at $124.32, a potential indicator of a newly emerging bullish phase. Qualcomm's upper Bollinger Band® is at $139.24 and the lower is $120.1. Qualcomm is approaching key support, around 93 cents away from $122.6. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

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 ASML Holding closed at $617.73 (down 2.27%). Intuit lost 1.32% yesterday and closed at $407.18.

Data to be released today might clear up some of the market fog as United States Crude Oil Inventories expected to decline to 457,000 while its preceding data was 7.65 million, data will be available today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 192,000; data will be released tomorrow at 13:30 UTC. United States ISM Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.

The 5G mobile wireless technology developer has managed to gain 15.25% so far this year despite trading at lows around $103.88 previously.