Today’s focus is on Qualcomm, which finds itself at its lowest levels since August, reflecting ongoing and significant selling pressure. The stock's recent performance highlights a pronounced bearish sentiment, driven by two critical technical breakdowns.
Qualcomm's price action has managed to break below two important support levels. The first is the black uptrend line, which had been a guiding dynamic support for months. The second is the blue horizontal support, located just below $158. With the price firmly below both levels, the sentiment remains decidedly negative.
These breakdowns have opened the path for further declines, with little in the way of immediate support to halt the bearish momentum. This combination of breached trendlines and horizontal supports paints a grim picture for Qualcomm in the short term.
For now, the bearish outlook will persist unless the price can manage a strong rebound. Specifically, a move back above $167 would cancel the sell signal and offer hope for a bullish reversal. However, given the current sentiment and momentum, the chances of such a recovery seem limited.