Playing the Setup in QUALCOMM
Published on Thursday, 05 July 2012 08:12 Written by TradersHuddle Wire
New York, July 5th (TradersHuddle.com) - QUALCOMM Incorporated (NASDAQ:QCOM) closed the the trading session at $56.26, near its 50 day and 200 day moving averages currently set at $58.72 and $58.21 respectively. QUALCOMM's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $53.41 and resistance at $59.69. Traders should monitor these levels, as they provide insight into the latest price dynamics in QUALCOMM.
If traders want to establish a position on QUALCOMM, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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