Death Cross and Bear Flag in Qualcomm?
Qualcomm has drifted since the summer, and now the bears might be stepping in.
The first pattern on today’s chart is the sideways drift that began in August. Following declines in June and July, that series of slightly higher highs and higher lows may be viewed as a bearish flag. Recent moves below the range could also be interpreted as a breakdown.
Second is the $180.95 level where the chip stock closed before its July 31 earnings report. Prices tested and failed at that level after the last set of numbers two weeks ago. Is resistance taking shape?
Third, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA in late September. That may suggest QCOM’s longer-term trend is weakening.
Finally, our 2 MA Ratio custom script in lower study shows how the 8-day exponential moving average (EMA) has slipped below the 21-day EMA. That may suggest its shorter-term trend is also weakening.
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The first pattern on today’s chart is the sideways drift that began in August. Following declines in June and July, that series of slightly higher highs and higher lows may be viewed as a bearish flag. Recent moves below the range could also be interpreted as a breakdown.
Second is the $180.95 level where the chip stock closed before its July 31 earnings report. Prices tested and failed at that level after the last set of numbers two weeks ago. Is resistance taking shape?
Third, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA in late September. That may suggest QCOM’s longer-term trend is weakening.
Finally, our 2 MA Ratio custom script in lower study shows how the 8-day exponential moving average (EMA) has slipped below the 21-day EMA. That may suggest its shorter-term trend is also weakening.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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