The QUALCOMM $Qualcomm(QCOM)$ stock price fell by -2.13% on Wednesday, 2nd Aug 2023 from $132.08 to $129.27. During the last trading day the stock fluctuated 2.13% from a day low at $128.83 to a day high of $131.58. The price has been going up and down for this period, and there has been a 3.9% gain for the last 2 weeks. Volume has increased on the last day by 5 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 12 million shares were bought and sold for approximately $1.59 billion.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 20.83% during the next 3 months and, with a 90% probability hold a price between $145.47 and $160.60 at the end of this 3-month period.
QCOM Signals & Forecast
The QUALCOMM stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $128.28 and $121.59. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, July 31, 2023, and so far it has fallen -2.19%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for QUALCOMM stock
QUALCOMM finds support from accumulated volume at $124.72 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.75 between high and low, or 2.13%. For the last week, the stock has had daily average volatility of 2.18%.
Our recommended stop-loss: $124.68 (-3.55%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (QCOM) For The Trading Day Of Thursday 3rd
For the trading day on Thursday, 3rd we expect QUALCOMM Incorporated to open at $129.89, and during the day (based on 14 day Average True Range), to move between $126.01 and $132.53, which gives a possible trading interval of +/-$3.26 (+/-2.52%) up or down from last closing price. If QUALCOMM Incorporated takes out the full calculated possible swing range there will be an estimated 5.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $129.48 (0.16%) than the support at $124.72 (3.52%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Insiders are positive buying more shares than they are selling in QUALCOMM
In the last 100 trades there were 738 thousand shares bought and 465.89 thousand shares sold. The last trade was made 34 days ago by Smit Neil who bough 241 shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.
Is QUALCOMM Incorporated stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for QUALCOMM stock to perform well in the short-term.
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