Open buy · week 3
Qualcomm gives back 8.5% and slides toward its entry while the weekly MACD holds
Our view last week
Qualcomm broke through the 192 area that stopped its rebound last week: the week closed up 13.6% and the weekly MACD crossed above its Signal line after 10 weeks below. For Qualcomm stock, one of the tech stocks with a buy signal in play, the technical analysis and the price action back the setup again, with buyers ahead and the trade up 11% since entry. For swing trading, the next test is the 7-day high in the 206 area, which the close has not cleared yet.
This week's summary
Most of last week's 13.6% surge has been handed back: Qualcomm closed the week down 8.5% after moving up toward the high in the 206 area without clearing it. Qualcomm stock is back within reach of its entry, with the trade up 1.6%. On the technical analysis the weekly picture holds, MACD above its Signal line and price above the 50-week average, yet the price action carries warnings, and for swing trading the test is unchanged: a close above the 206 area.
IQS Phase
50
ordinary
Signal Strength
79
high · wide & volatile
Sizing
FULL
Ranking
#16 / 93
US stocks in progress
Trade P&L %
+1.59%
from signal to date, no stop loss
QUALCOMM (QCOM) weekly chart — EMA50 · MACD · VWAP
Weekly chart · EMA50 · MACD · VWAP · Source: TradingView
Rank position
ranks 16th among the 93 Longs already running for US stocks in our ranking, with a signal strength of 79 out of 100.
Sector context
SectorGrowth Tech
Benchmark ETFXLK
Sector regimein strong phase
Performanceweekly +1.80% · monthly +8.83%
QCOM belongs to the growth tech sector (reference ETF XLK). The sector is classified in strong phase according to our weekly reading.
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