New York, May 1st (TradersHuddle.com) - Shares of QUALCOMM Incorporated (NASDAQ:QCOM) closed the trading session at $63.83 with its price action in a very tight range, given that calculated support is set at $61.26 and the calculated resistance is set at $64.49.
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 price action indicates that both sellers and buyers are materializing very close to each other. This signals an area where momentum is building, since the stock can resolve by breaking out of the developing tight range.
Traders wanting to establish a position should pay close attention to QUALCOMM's price action, as any movement outside its predefined range of $61.26 and $64.49 could grasp the attention of momentum buyers that look for a big movement in the price of the stock. Traders need to be aware that tight range resolution works both ways, hence, a move below support could spark above the average selling. A tiered approach could be the best way to start a position; enter into it while the stock is in the tight range, and then add to this position as it breaks and closes above resistance.
- Lockheed Martin Hosts Fifth Annual Day Of Service
- Lockheed Martin Successfully Launches First LRASM Boosted Test Vehicle from MK 41 Vertical Launch System
- U.S. Air Force Ready to Launch Third Advanced Extremely High Frequency Satellite Built by Lockheed Martin
- Lockheed Martin Named To The 2013 Dow Jones Sustainability North America Index
- GPS III And OCX Satellite Launch And Early Orbit Operations Successfully Demonstrated
- F-35: Lifting The UK's Economy
- Lockheed Martin Named One of Top Worldwide Companies for Climate Change Management
- Lockheed Martin To Enhance Transoceanic Air Traffic Management For FAA
- AEHF Expands Global Communications For Allied Missions; Netherlands Makes Call On Protected Communications Satellite
- LONGBOW LLC Receives $51 Million Contract For Republic of Korea Apache Radar Systems