Above Resistance - QUALCOMM

Published on Wednesday, 22 February 2012 09:36 Written by TradersHuddle Wire

New York, February 22nd (TradersHuddle.com) - Shares of QUALCOMM Incorporated (NASDAQ:QCOM) closed the trading session at $62.78 just above calculated resistance at $61.95 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

QUALCOMM Incorporated (NASDAQ:QCOM) develops and delivers digital wireless communications products and services based on ots CDMA digital technology. It provides integrated CDMA chipsets and systems software, technology licensing, Eudora email software, and satellite based systems.

QUALCOMM's stock was trading in a well defined range with support at $51.76 and resistance at $61.95, given that this range was broken traders will be closely monitoring the stock