Qualcomm Inc: Resistance Breakout
António Costa | May 23, 2016 02:40AM ET
Qualcomm Incorporated (NASDAQ:QCOM), after nearly three months of consolidation in the 49.75-53.4 area stock finally broke out on Friday and took out its critical level of $53.04 (200-day EMA). The break of this key resistance line confirms a short-term trend reversal and the beginning of new momentum, which could move the stock above the $56 area. Daily technical indicators are looking bullish. The daily MACD is rising above its signal line in positive territory and the RSI is above its 50% level. This momentum could push this stock much higher from here, so keep it on the radar next week.
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