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May 16, 2023
Yesterday at a glance: the wireless technology company went up to $106.28, gaining 2.57%.
Meanwhile, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
Qualcomm made an initial breakout above its 5 day Simple Moving Average at $105.64, a potential indicator of a newly emerging bullish phase. In contrast, Qualcomm could be slowing down soon as it approaches resistance at $107.49. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Qualcomm might continue pointing upwards in the short term.
This rally in Qualcomm's share price coincided with other technology stocks as Applied Materials traded at $121.11 after closing yesterday's trading day at $116.09 (up 4.32%). Intel was up 2.94%. Adobe was up 3.05%.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to -1.3 million while its preceding data was 2.95 million, data will be available tomorrow at 14:30 UTC.
Pointing downwards for around a month. The wireless technology company is now trading 20.54% below its 3-month high of $155.86.
