QCOM: Major Turning Point! (D&W charts).
On the daily chart, the price has recently found support at the 61.8% Fibonacci retracement level, calculated from its previous significant swing low to high. This level, often regarded as a golden ratio in technical analysis, has seen a bullish reaction, indicating buyers stepping in. The price is now hovering around the 50% retracement level, and the 21-day EMA is positioned above the current price, acting as a resistance.
On the weekly chart, the 21-week EMA is providing support around the 186.67 level. This EMA has historically acted as a dynamic support throughout the upward trend, which began in late 2023. If the price maintains above this EMA, it could signify continued strength. However, if QCOM loses the 61.8% retracement (D) and the 21 EMA (W), the next support level to watch is around 177.59, derived from previous top level.
The confluence of the Fibonacci retracement levels and the support provided by the 21-week EMA suggests that Qualcomm is at a critical juncture. The reaction to these levels will be crucial in determining the next direction for the stock. For now, QCOM is boucing above its support levels, suggesting a bullish sentiment, however, if it loses its support levels, we will see a reversal ahead.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
On the weekly chart, the 21-week EMA is providing support around the 186.67 level. This EMA has historically acted as a dynamic support throughout the upward trend, which began in late 2023. If the price maintains above this EMA, it could signify continued strength. However, if QCOM loses the 61.8% retracement (D) and the 21 EMA (W), the next support level to watch is around 177.59, derived from previous top level.
The confluence of the Fibonacci retracement levels and the support provided by the 21-week EMA suggests that Qualcomm is at a critical juncture. The reaction to these levels will be crucial in determining the next direction for the stock. For now, QCOM is boucing above its support levels, suggesting a bullish sentiment, however, if it loses its support levels, we will see a reversal ahead.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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