Today’s instrument is the Qualcomm Inc. stock traded in the Nasdaq exchange under the ticker QCOM.
If we look at the QCOM Weekly chart, we can see its gradual climb from the $131 support level to the $133.7 where it had a brief retraction to the $132.6 where it formed new support, and then continued to reach the high of $135.5 consolidating along the way. It was last found trading at $135.2 with $135.5 overhead resistance and support levels of $134 and $133.7 respectively.
Today we could expect a pattern continuation and another move above the $135.5 level extending its gains.
If however, it doesn’t manage to hold the current level then a move towards and below the $134 could be possible.
(Click on image to enlarge)
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