Qualcomm traders look to claw back Friday's 1.03% decline to maintain ongoing trend

A quick look at Friday: a tough session dominated by bearish sentiment left Qualcomm $1.1 lower, while setting a $105.52 to $107.1 session range.

Trend-following investors would be interested to note that Qualcomm made an initial break below its 10 day Simple Moving Average at $105.88, a possible indication of a forthcoming negative trend. Friday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Chart analysis indicates Qualcomm could begin to recover as it approaches significant support, now 65 cents away from $105.21. Dipping below could be an indication that further losses are ahead.

Overall, while Qualcomm has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Qualcomm was not the only decliner in the technology sector; Applied Materials lost 2.29% Friday and closed at $126.95.

On the other hand, positive performances could be seen by looking at other technology stocks as Adobe gained 3%, as it traded at $371.25. Cisco Systems traded at $49.13 after closing Friday's trading day at $48.2 (up 1.93%).

Trending downwards for around a month. 9 days ago, the wireless technology company fell to a low of $103.62 but has since recovered 3.22%.