Qualcomm sheds 9.2%: technical breakdown and double bottom
Qualcomm drops 9.2% and breaks support, but a double bottom emerges
Qualcomm sheds 9.2%: technical breakdown and double bottom
Our view last week
Qualcomm shares bounce 7.3% this week, a sharp turn from the 6.9% drop seven days ago: the sell signal's strength falls from 75 to 29, a sign that the decline had already burned through its push. Price stays boxed between the daily Kumo floor, in the 191 area, and the daily pivot-point average, in the 188 area, with volume contracting. In this week's technical analysis, the quality band still flags trading as not recommended.
This week's summary
Qualcomm sheds 9.2% this week, wiping out most of the bounce from seven days ago, and breaks down through the levels that had held it in check: the daily Kumo floor and the pivot-point average. On the daily chart, though, a clean double bottom forms in the 168 area, with an intermediate 19% rebound and sellers losing ground on the last bar. Signal strength climbs to 52 out of 100 — "lower lows, pace holding" — but volatility stays elevated and trading is still not recommended.
Sell signal in observation
·4th week from start
·US stocks
·T2
·📅 Earnings · Aug 5
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IQS Phase
70
in tension
Signal Strength
52
decline starting to make lower lows
Sizing
STANDARD
Ranking
#61 / 140
US stocks sell signals
Trade P&L %
+9.30%
from signal to today
restricted Platinum content