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May 10, 2023
A quick look at yesterday: pronounced bearish market sentiment ensured that the 5G mobile wireless technology developer made a notable 2.35% loss yesterday, declining $2.54 and ultimately closing at $105.77.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction came out at 3.695.
Chart analysis suggests Qualcomm could begin to recover as it approaches significant support, now 87 cents away from $104.9. Dipping below could be an indication that further losses are ahead. Trend-focused traders 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. Momentum evaluation shows that the Relative Strength Index indicates Qualcomm is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $104.86, a low enough level to, generally, suggest that Qualcomm is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Qualcomm will remain range-bound for the immediate future.
Qualcomm was not the only decliner in the technology sector; Intel went down 2.18%, closed at $30.77.
On the other hand, positive performances could be seen by looking at other technology stocks as Sony Group Corporation traded at $93.9 after closing yesterday's trading day at $92.44 (up 1.58%). Salesforce traded at $201.18 after closing yesterday's trading day at $197.9 (up 1.66%).
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000, having previously been at -1.28 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.
Trending downwards for around a month. The wireless technology company is now trading 18.61% below its 3-month high of $155.86.
