Qualcomm, Inc (NASDAQ: QCOM) presents a
set up worth mentioning. First of all, I am overall bullish on the company since they dominate the
cell phone chip market. This is an enormous market with vast growth potential
and no signs of a slow down.
That is why I pay attention when I see a nice opportunity from a technical
standpoint.
QCOM has been trending up for quite some time now. The
6 month daily bars chart above shows a pull back to the trend line, presenting
a bullish
scenario for QCOM. The pull back occurred on
average volume, which does not present any red flags for a continued downside
move.
Happy Trading,
Andy Swan
co-founder, DaytradeTeam
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