Qualcomm maintains composure within $114.69 to $117.39 range

Yesterday at a glance: a mostly flat day so far for the wireless technology company, range-bound between $114.69 and $117.39 and currently at $115.62.

This uncertain state for Qualcomm is reflected by published market data as United States Non Farm Payrolls improved upon its previous reading of 294,000 with a new data release of 339,000. United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.

Qualcomm made an initial break below its 50 day Simple Moving Average at $115.1, a possible indication of a forthcoming negative trend. Qualcomm's upper Bollinger Band® is at $117.12, suggesting that a downward move may follow. Despite this, Qualcomm is climbing away and is now $1.21 from the $114.41 support line.

Although price action remains in a stalemate, technical analysis suggests Qualcomm could be primed for a break to the downside.

Meanwhile, mixed performances were seen by other technology stocks as IBM traded at $132.42 after closing yesterday's trading day at $129.82 (up 2%). Accenture plc Class A (Ireland) traded at $311.39 after closing yesterday's trading day at $305.2 (up 2.03%). Adobe traded at $436.37 after closing yesterday's trading day at $426.75 (up 2.25%).

Qualcomm hit a significant low of $103 around 10 days ago, but has since recovered 12.43%.