The Qualcomm Inc (NASDAQ:QCOM) on the Daily Chart has been in an uptrend since 12 May 2021 when it registered the low price at $123.68, followed by a series of higher tops and higher bottoms.
On 2 August 2021, QCOM recorded the high price of $152.29.
When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the stock’s upward direction.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of QCOM.
Additionally, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment.
All three technical indicators are in agreement with regards to the upward bias of the stock.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at $152.22 (161.8%).
- The second price target is seen at $161.66 (261.8%).
- The third price target is projected at $176.94 (423.6%).
While the first target has already been breached, QCOM is currently trading above the uptrend line. Of course, supply and demand as well as the crowd sentiment will determine the future course of QCOM.
Although the market is currently following a counter trend direction, this might just be a temporary correction, as long-term sentiment remains bullish.
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