March 29th-April 2nd, 2021
Pick of the week: $QCOM
Let’s use the skills we learned from this morning’s post to further analyze this position in Qualcomm ($QCOM). As you can see above, the Sector info is in the top left corner of the chart underneath the ticker.
At the bottom you’ll see I’ve included the Tech sector ($XLK) and Telecomm Equipment sub-sector ($DJUSCT) charts for additional analysis. Both are looking good. $XLK’s price closed above the 20 SMA on Friday and $DJUSCT is in a nice looking uptrend — although a note of caution as the Telecomm Equipment sub-sector ($DJUSCT) had a large spike on Friday and is above 70 RSI which means that it is overbought and will probably drop back down soon. This isn’t a reason to not get into the stock, just something to be aware of in case it dips.
Qualcomm ($QCOM)
- Current Price:$132.99
- Price closed above the 20 SMA
- MACD on positive side with upward momentum
- Technology Sector ($XLK) also had price close above the 20 SMA
- Telecomm Equipment sub-sector ($DJUSCT) is in a strong uptrend
- TipRanks: $169.64
Concerns:
- TMO is not green yet, although red is very tight and should switch soon
- Telecomm Equipment sub-sector is at 70 RSI
1st TAR: $149
2nd TAR: $161
S/L: $123
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Also looking good are the setups for $ATVI and $ADSK.
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