The QUALCOM Inc (NASDAQ: QCOM) has been in a downtrend since 2 August 2021 when it registered the high price at $ 152.29 , followed by a series of lower tops and lower bottoms.
On 29 September 2021, the QCOM recorded the low price of $128.89.
When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 50 period Moving Average line, a fact which confirms the stock’s downward direction.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument.
Additionally, the Relative Strength Index (RSI) Oscillator registers values in the oversold zone after an increase in sales and excess of net decline.
All three technical indicators are in agreement with regards to the downward 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 133.33 (161.8%).
- The second price target is seen at 124.21 (261.8%).
- The third price target is projected at 109.46 (423.6%).
While the first target has already been breached, its current price is 3.53% below the last week’s close after a sharp decline in price during a period of heavy selling.
Of course, supply and demand as well as the crowd sentiment will determine the future course of QCOM.
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