Qualcomm sheds 1.88% within $116.58 to $118.09 daily range

Yesterday at a glance: a tough session dominated by bearish sentiment left Qualcomm $2.25 lower, while setting a $116.58 to $118.09 session range.

United States Fed Chair Powell speech is next today at 06:30 UTC.

Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -3.83 million to -9.60 million this month.

Amid the market gloom, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

Qualcomm could begin to recover as it approaches significant support, now $1.65 away from $115.89. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Qualcomm peaked above its 21 day Simple Moving Average around $117.57 — typically an early indicator of a new bullish trend beginning to emerge.

Overall, looking at the technical analysis landscape, it seems Qualcomm might start pointing upward in the short term.

Qualcomm was not the only decliner in the technology sector; Intel lost 1.55% yesterday and closed at $33.57.

On the other hand, positive performances could be seen by looking at other technology stocks as ServiceNow traded at $548.67 after closing yesterday's trading day at $539.96 (up 1.61%). Salesforce traded at $212.17 after closing yesterday's trading day at $208.82 (up 1.6%).

Looking ahead, ongoing depreciation may be prolonged as United States GDP projected to decline to 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

Furthermore, United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.

Having set a significant low of $103 a month ago, the wireless technology company is trading 16.28% higher.