Waiting for Qualcomm to Step Back
Qualcomm (QCOM) is starting to look interesting again for a possible swing trade. First, on the weekly chart, you can see the shares have undergone a relatively healthy downside correction that has lasted 16 weeks so far.
Qualcomm (QCOM) -- Weekly Source: Dynamic Trader View Chart » View in New Window »I noticed that this decline is similar in time to some of the prior declines on the weekly chart, which lasted anywhere from 14 to 17 weeks. As far as price is concerned, on the weekly chart the general area of support comes in anywhere between $48.52 and $53.53. If the most recent lows remain intact, it shows upside potential all the way toward the $73 area in the much-bigger picture....336 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
