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March 13, 2023
The wireless technology company dropped to $113.28, hitting its lowest point in 2 months. It later recovered $1.2 and is now trading at $114.48.
While price action maintains a negative bias, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Following today's trading session, chart analysis suggests Qualcomm could begin to recover as it approaches significant support, now $2.2 away from $112.28. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Qualcomm's lower Bollinger Band® is at $113.96, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Qualcomm has no clear-cut direction.
In the meantime, negative performances are also seen in other technology stocks as Adobe is down 1.83% from the beginning of the session and now trades around $323.29.
Positive performances can be seen by looking at other technology stocks as Microsoft is trading at $254.13 after ending Friday's session at $248.59 (up 2.23%). Apple is up 1.29% to $150.41.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
Trending downwards for around a month. The 5G mobile wireless technology developer reached a significant high of $161.07 around 11 months ago but has lost 28.48% since then.
