BY LICIA LESLIE
November 10, 2023
Qualcomm (Ticker: QCOM) is possibly on the verge of closing a gap:
The stock looks to be bull flagging, taking a pause and gearing up to bust through that resistance that comes in around $122.50 which is the bottom of the gap.
If it does decide to trade higher and close that gap, the next resistance level will be the other end of the gap at $128.83.
Now remember, a stock can close a gap and return in the direction in which it came from.
Above there, that previous high will be the next resistance at $132.30.
If QCOM fails to break out of this resistance, it has support at the 200 day moving average coming in at $117.37.
And below there, it will close a more recent gap and trade down to its 50 day moving average $111.50.
I will definitely be adding this one to my watchlist as I think it will be making a move.
Hope to see you live Monday!
Trade Accordingly,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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