Qualcomm Beats EPS by 6.01%, Revenue by 1.83%

QCOM stock price showed a minor bounce of approximately 6.50% from the recent swing low. It took support near the $104.00 level and buyers came forward to push the price higher.

Qualcomm stock price is trying to climb above the 50-day EMA to bring back the confidence of investors.

The after-hours session indicates a gap-up open of 3.83% which is expected in today’s session. So, the price is likely to open above the 50-day EMA which might trigger the positive sentiment.

In the last two months, QCOM stock price traded in the range between $104.00 to $115.00. Buyers and sellers both tried to break either side of the range for new price discovery. But they succeeded in defending the boundaries of the range and the price continued the consolidation.

Qualcomm Inc. released the September 2023 quarter earnings on November 1, 2023. It reported an EPS of $2.02 and revenue of $8.665 Billion. The company beat the EPS as well as revenue estimates by 6.01% and 1.83% respectively.

The QCOM shares are likely to react positively in the regular session and will give another attempt to break the $115.00 hurdle.

QCOM Stock Price Getting Ready to Fly?

QCOM stock price is in a recovery phase and positive earnings have fueled the momentum. However, it will be interesting to see whether the buyers succeed in holding the recent gains or not.

Till Qualcomm stock price trades above $104.00, the bulls will remain active and absorb the minor sell-off. The probability of upward range expansion will increase when the price sustains above the 50-day EMA.

On the higher side, $122.80 will act as a strong hurdle for bulls. If in the coming months, buyers succeed in breaking out of $122.80, then QCOM share price might fly to $132.00.

Qualcomm Stock Price Trend Reversal Confirmation Awaited

Qualcomm stock price formed a bullish engulfing candle on a weekly time frame chart. Buyers need to give the follow-up momentum to show the confirmation of the bullish trend reversal.

The RSI curve at 53 slopes upward denotes strength and bulls are returning to track. The MACD curve also reverses upward and displays a positive crossover. It indicates that bullish momentum might continue for some more time.

Conclusion

QCOM stock price is recovering and is up by 3.83% in the after-hours session. Recently, Qualcomm Inc. released quarterly earnings that meet the analyst estimates and boost the confidence of investors.

The analysis suggests that Qualcomm stock price may continue the recovery and may reach $122.00.

Technical Levels

Resistance levels: $115.00 and $122.80
Support levels: $103.98 and $101.20

Disclaimer

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