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March 07, 2023
Yesterday at a glance: grinding lower but with no clear-cut direction, the 5G mobile wireless technology developer closed the session at $122.41 after forming a distinct $122.03 – $125.16 range.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Meanwhile, United States Factory Orders beat the -1.8% projections, with -1.6%.
Concerning technical analysis and more specifically, trend indicators, Qualcomm made an initial break below its 50 day Simple Moving Average at $123, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $122.51, market bears have earmarked $117.58 as the next downside target. According to asset volatility analysis, Qualcomm's lower Bollinger Band® is at $118.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of Qualcomm's past price action reveals multiple support and resistance levels: although Qualcomm is down today and was as low as $122.03, it seems to be recovering slightly and climbing away from the $121.24 support line and is now $1.17 above it.
All in all, the technical analysis suggests Qualcomm has no clear-cut direction.
Qualcomm was not the only decliner in the technology sector; ASML Holding went down to $620.97, losing 2.57% after it closed at $637.38 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as Apple gained 1.85%, as it traded at $153.83. SAP traded at $119.73 after closing yesterday's trading day at $116.9 (up 2.42%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to -308,000 while its preceding data was 1.17 million, data will be available tomorrow at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is expected tomorrow at 15:00 UTC.
On a negative trend for around a month. This year has been a bright one for the 5G mobile wireless technology developer after trading as low as $103.88 and going on to appreciate by 14.03% year to date.
