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Forbes
Forbes
9 Jun 2023


Mobile World Congress Shanghai 2019 - Previews

SHANGHAI, CHINA - JUNE 25: A worker installs logo above the Qualcomm booth ahead of the Mobile World ... [+] Congress (MWC) Shanghai 2019 at the Shanghai New International Expo Center on June 25, 2019 in Shanghai, China. The Mobile World Congress (MWC) Shanghai 2019 themed on 'Intelligent Connectivity' will last for three days. (Photo by Visual China Group via Getty Images/Visual China Group via Getty Images)

Visual China Group via Getty Images

Qualcomm QCOM Inc (QCOM) Experienced a key reversal day buy signal on May 25, 2023, and then a weekly key reversal buy signal during the week of May 26, 2023. Longer term, the stock had a golden cross formation on November 16, 2021, which led to a rally to its two-year high of $193.58 set on January 5, 2022. From this high QCOM declined 47.3% to a low of $101.93 on November 3, 2022. From this low the stock rebounded by 37.2% to its 2023 high of $139.94 on February 1, 2023.

Qualcomm has a p/e ratio of 12.87% and a dividend yield of 2.78%, according to Macrotrends. The company missed its earnings-per-share estimate on May 3, 2023 after beating estimates in twenty-two consecutive quarters.

The Daily Chart for Qualcomm

QCOMD0608

Daily Chart for Qualcomm

Refinitiv

Courtesy of Refinitiv XENITH

Qualcomm had a golden cross formation on November 17, 2021, then traded to its two-year high of $193.58 on January 5, 2022. The decline that followed confirmed a death cross formation on April 21, 2022. Remember that a golden cross occurs when the 50-day simple moving average rises above the 200-day simple moving average. A death cross happens when the 50-day SMA falls below the 200-day SMA. Note that on April 3, 2023, there was a failed attempt at a golden cross.

The 2023 low of $101.47 was set on May 25. This was a key reversal buy signal as the close that day at $104.02 was above the May 24 high of $103.14. This began the rebound that has stalled so far below the annual pivot at $121.10.

The horizontal lines from bottom to top are the annual pivot at $121.10, the quarterly risky level at $137.06, and the semiannual risky level at $175.00.

The Weekly Chart for Qualcomm

QCOMW0608

Weekly Chart for Qualcomm

Refinitiv

Courtesy of Refinitiv XENITH

The weekly chart for Qualcomm is positive with the stock above its five-week modified moving average at $114.53. The stock is below its 200-week simple moving average or ‘reversion to the mean’ at $123.10. The week of May 26 was a key reversal as that week’s close of $110.35 was above the prior week’s high of $107.12. The 12x3x3 weekly slow stochastic reading is rising at 32.25 after being oversold below 20.00 during the week of May 26.

Trading Strategy: Buy Qualcomm on a daily close above its annual pivot at $121.10. Reduce holdings on strength to its quarterly risky level at $137.06.