Qualcomm Incorporated’s (QCOM) stock market capitalization is $123.519 Billion and the total revenue is $44.2 Billion. Moreover, the stock’s basic EPS is $7.70 and the price-to-earnings ratio is 14.42. Qualcomm Incorporated (QCOM) experienced an incline in its earnings at a rate of 41.6% per year on average, according to Simply Wall St., a financial website. The semiconductor industry’s average annual earnings growth is 31.3%. Therefore, QCOM earnings are higher than the industry average.
Moreover, Qualcomm Incorporated (QCOM) stock has not performed well in the last month, decreasing by 9.23% and by 10.97% in the last six months. Qualcomm Incorporated (NASDAQ: QCOM) stock has a negative year-to-date return of 0.60% and a one-year negative return of 25.86%. The average volume is 8.979 Million and the current volume is 6.54 Million where the current volume is below average volume.
Technical Analysis of QCOM Stock Price in 1-D Timeframe
The price action shows that Qualcomm Incorporated ( NASDAQ: QCOM) stock price took support at $101.46 as liquidity was present at this level, the price showed a good uptrend and reached a high at $132.71 by August 1st, 2023. Thereafter, the QCOM stock faced resistance in the last three weeks and traded lower and the CMP is trying to sustain.
At the time of publication, the QCOM Stock’s current price is trading around $110.68 trying its best to sustain CMP and facing resistance from the trendline, and Qualcomm Inc stock may decrease downwards further and might reach back to the liquidity demand zone.
Therefore, If Qualcomm fails to maintain its current level, the QCOM price could continue to drag downwards and hit the nearest support levels around $106.57 and $101.46.
However, if the stock price sustains the current level and the Qualcomm price increases, then it might reach the nearest resistance levels of $118.25 and $122.34.
At the time of publishing, Qualcomm Incorporated. (NASDAQ: QCOM) is trading above all major exponential moving averages (EMA’s – 20, 50, 100, and 200-day).
Furthermore, if more selling volume rises in QCOM stock then the price might capture supporting EMA by making lower highs and lows.
Hence, the Qualcomm price is showing a bearish outlook over the Qualcomm Incorporated daily time frame chart.
The current value of RSI is 34.62 points. The 14 SMA is below the median line at 40.52 points which indicates that QCOM stock is in bearish territory and the RSI took rejection from 14 SMA and is headed towards an oversold zone indicating bearishness in QCOM shjare.
The MACD line at 3.04 and signal line at 1.69 are above the zero line and both lines have crossed each other. A bearish crossover is noticed in the MACD oscillator which expresses bearishness for the Qualcomm stock price.
Summary
Qualcomm Incorporated (NASDAQ: QCOM) indicates that the traders and investors of the stock price are bearish on the 1-D time frame. The price action of QCOM share shows a bearish outlook at the time of publishing. The most sought and reliable technical analysis tools such as EMA, RSI, and MACD for QCOM stock price also support bearishness and indicate that a downtrend may continue in Qualcomm share price.
Technical Levels
- Support levels: The nearest support levels for QCOM stock price are $106.57 and $101.46.
- Resistance levels: The nearest resistance levels for the QCOM stock price are $118.25 and $122.34.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/22/qcom-stock-price-forecast-can-qualcomm-incorporated-fall-more/