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April 15, 2023
A quick look at yesterday: the wireless technology company dropped 0.8% early on and traded close to the $120.16 level.
Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. United States Retail Sales fell short of the -0.4% projections, with new data of -1%.
While price action maintains a negative bias, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Although Qualcomm is down today and was as low as $118.76, it seems to be recovering slightly and climbing away from the $118.64 support line and is now $1.52 above it. Despite being in the red so far in the current trading session, Qualcomm peaked above its 3 day Simple Moving Average around $121.66 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $119.04, a low enough level to, generally, suggest that Qualcomm is trading below its fair value. In contrast, Qualcomm formed a session range of $118.76 to $121.9 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $120.31.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Qualcomm is set to appreciate despite today's setback.
Qualcomm was not the only decliner in the technology sector; Accenture plc Class A (Ireland) went down 2.11%, closed at $285.27. Microsoft went down 1.28%, closed at $289.84.
On the other hand, positive performances could be seen by looking at other technology stocks as NVIDIA traded at $267.58 after closing yesterday's trading day at $264.63 (up 1.11%).
The stock has been trending positively for about a month. Over the past 8 months, the wireless technology company has retreated 22.28% from a noteworthy peak of $155.86.
