I recently wrote an article
reflecting my bullish stance on Qualcomm,
Inc (NASDAQ: QCOM). The stock
has since popped up nicely proving I was correct. I believe the stock still has
room to run, but may require some downside intraday action first. Here's why...
Yesterday, the stock opened higher than the previous days close creating a
small gap
up. This gap looked as if it would hold until about noon, when QCOM began
reversing. From that point, the stock began down
trending towards the gap, appearing as if it had every intention of filling
it. The stock then found support at 52.20 near the end of the trading session
and formed what could be a potential double
bottom. A break through of the neck
line at 52.35 would be a bullish sign for QCOM, but if the
stock moves lower off the 52.35 resistance, I'm willing to bet that it will
fill the small gap before moving higher.
Happy Trading,
Andy Swan
co-founder, DaytradeTeam
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