Is QCOM Attractive?
Is the current decline in Qualcomm (QCOM) a buying opportunity? To answer this question I'm taking a look at both a weekly chart and a daily chart.
On the weekly chart, as long as price holds above the August 2011 low of $45.98 we are looking at a bullish pattern in the BIGGER picture. There are two key price support zones that come in ABOVE this key low. These zones are what I call Fibonacci price cluster zones. The definition of a cluster is the coincidence of at least three key Fibonacci price relationships that come together within a relatively tight range. The first zone comes in between the 54.53-57.43 area. The second zone comes in at 50.25-88. We are quite a bit above those bigger picture decisions, so next let's dial it down to a daily chart and see what shows up there. ...547 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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