Naked Chart Trading: QCOM 4 Jun 2024

Qualcomm is one of the biggest under-the-hood names in mobile devices, producing the popular Snapdragon chips that power many of the Android mobile phones on the market. But ever since it turned its attention to laptops several years ago, its Windows laptop CPUs have experienced some big performance and compatibility issues.

The Qualcomm Snapdragon X Plus and Snapdragon X Elite chips announced in late 2023 and early 2024 look to right its course and raise the bar for notebook processing performance in speed, efficiency and AI acceleration.

Long term trend more to bullish, with major correction took place in year 2022. On end of year 2023, the price breakout from sideway and triggered another bull trend, where share prices soared more than double to its highest last week. Then bearish reversal chart pattern occurred.

Shorter time frame indicated that the share prices likely to go for technical correction, close below USD198 to trigger more downside. I expect the share prices to stay above USD100 for now, so I drawed a Fibo analysis based on Oct 2022 low to last week high.

Support levels are USD190, 61.8% USD171, 50% USD155, 38.2% USD143 and 23.6% USD124, while resistance levels located at USD211 and USD220.

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