Thursday, 5 November 2015

QCOM - smashed lower on fine earnings

Whilst US equities were moderately weak, there was notable extreme downside in Qualcomm (QCOM), settling -15.2% @ $51.11 (intra low $49.92. With the break under the Sept' low of $52.17, next support is 50/48. Sustained action much below 48 looks unlikely... as results were broadly 'fine'.

QCOM, daily

QCOM, monthly, 15yr


*without going over the earnings reports (as covered in a thousand other places online)...

Today's drop in QCOM was a truly fierce one, and took out not just the Sept' low, but even the psy' level of $50.00.

Technically, even if we see the sp'2020s within the next few weeks, QCOM should be able to hold the $48 threshold.

If not.. next support is not until the 42/40 zone. However, that seems very unlikely, as the broader US/world equity markets now look set for sustained upside into.. and across 2016.

*I am bullish QCOM, once the stock can build a floor.. which might become clear before end month.