Solid session for Qualcomm generates 6.09% gain Friday

A quick look at Friday: pronounced bullish sentiment in the market helped the wireless technology company to make a notable 6.09% gain Friday, rising $6.35 and ultimately closing at $110.35.

Trend-following investors would be interested to note that Qualcomm made an initial breakout above its 21 day Simple Moving Average at $107.75, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $113.51, thereby suggesting that Qualcomm is becoming overvalued. Qualcomm's notable support and resistance levels: although Qualcomm is appreciating today after rising as high as $111.28, price action is now slowing and consolidating around $2.46 below the $112.81 resistance level.

Notwithstanding Qualcomm's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

A look at other technology stocks also showed bullish price action as Intel traded at $29 after closing Friday's trading day at $27.4 (up 5.84%). Accenture plc Class A (Ireland) was up 4.06%. Adobe added 5.95% to its value, and traded at $415.39.

Trending downwards for around a month. Qualcomm hit a significant low of $103 around 4 days ago, but has since recovered 0.97%.