Qualcomm Inc. designs, develops, manufactures, and markets digital communication products worldwide. The last time we looked at Qualcomm (QCOM) was on the June 24th edition of the Daily Stock Report. Since that time the stock has been very strong. The company released their 3rd quarter financials on July 29th where they announced that they returned $0.65 per share, of cash dividends paid and $110 million through repurchases of 1.6 million shares of common stock which came across as very positive for investors.
As we look at the candlestick chart when QCOM announced Q3 earnings in late July the shares gapped up and marched onto all-time highs. After experiencing a mild pullback earlier last week, shares have regained traction and are attempting to make a new higher high near the $116.00 area.
Qualcomm (QCOM) first entered the Favored Zone of the SIA S&P 100 Index Report back on June 16th at a price of $89.52. As of yesterday’s close the shares are at $116.04 which is a 29.6% increase since re-entering the favored zone. It currently sits in the 26th spot in the S&P 100 Index report.
In looking at the 1% scale point and figure chart, we see that QCOM is very quickly approaching its recent high near $116.56. If it manages to break above this near-term resistance level, the next area of resistance can be found at $121.29 and, above that, $126.22. On the downside, support is at $110.90 and, below that, $105.52.
With an SMAX of 10 out of 10, QCOM is exhibiting near term strength against all the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
