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Qualcomm
QCOM
Qualcomm has a p/e ratio of 12.87% and a dividend yield of 2.8%, according to Macrotrends. The company missed its earnings-per-share estimate on May 3, 2023 after beating estimates in twenty-two consecutive quarters.
The Daily Chart for Qualcomm
Daily Chart for Qualcomm
Qualcomm had a golden cross formation on November 17, 2021, then traded to its two-year high of $193.58 on January 5, 2022. The decline that followed confirmed a death cross formation on April 21, 2022. Remember that a golden cross occurs when the 50-day simple moving average rises above the 200-day simple moving average. A death cross happens when the 50-day SMA falls below the 200-day SMA. Note that on April 3, 2023, there was a failed attempt at a golden cross.
The 2023 low of $101.47 was set on May 25. This was a key reversal buy signal as the close that day at $104.02 was above the May 24 high of $103.14. This began the rebound that has stalled so far below the annual pivot at $121.10.
The horizontal lines from bottom to top are the annual pivot at $121.10, the quarterly risky level at $137.06, and the semiannual risky level at $175.00.
The Weekly Chart for Qualcomm
Weekly Chart for Qualcomm
The weekly chart for Qualcomm is positive with the stock above its five-week modified moving average at $114.53. The stock is below its 200-week simple moving average or ‘reversion to the mean’ at $123.10. The week of May 26 was a key reversal as that week’s close of $110.35 was above the prior week’s high of $107.12. The 12x3x3 weekly slow stochastic reading is rising at 32.25 after being oversold below 20.00 during the week of May 26.
Trading Strategy: Buy Qualcomm on a daily close above its annual pivot at $121.10. Reduce holdings on strength to its quarterly risky level at $137.06.
