Qualcomm trades at $113.76, disappointing United States Pending Home Sales data

Tough session sees the 5G mobile wireless technology developer shedding 0.35% in early trade

• United States's Pending Home Sales new data released of -5.2% below its previous figure.
• Qualcomm hasn't been as low as $112.15 in 6 weeks and a half.
• Today's losses are adding to an 18 day bearish run, during which Qualcomm lost $13.42 of its value.

Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1.

Trend-following investors would be interested to note 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 Bollinger Bands® shows an indication of recovery: the lower band is at $112.55, a low enough level to, generally, suggest that Qualcomm is trading below its fair value. Chart analysis suggests Qualcomm bounced after reaching the $112.27 support zone, climbing $1.49 above it.

With market volatility ebbing, the current technical outlook indicates Qualcomm will remain range-bound for the immediate future.

United States Core PCE Price Index (MoM) (Mar) will be released tomorrow at 12:30 UTC.

Microsoft is up 2.67% to $303.26. Apple added 2.13% to its value, now trading at $167.24. Intuit added 2.77% to its value, now trading at $425.14.

The wireless technology company has shed 14.78% over the past three months.