The stock of the chip company Qualcomm (WKN: 883121) had formed a cyclical low at USD 58.00 during the Corona crash in March 2020. Since then, it has again been able to establish a long-term upward trend. As part of the last medium-term price boost from the October low at USD 122.17, it rallied until new ones All-time high at $193.58. The correction phase that started there in January led to the listing on significant support cluster which results, among other things, from the primary uptrend line, the price gap from November 4, 2021 and the 76.4% Fibonacci retracement of the last upwave. On March 15, the cops reported back there with one Harami candle back and initiated a recovery rally, which is currently in the orbit of the 200-day moving average consolidated will. The bulls remain at an advantage in the short-term as long as support holds $152.58 not fallen below at the end of the day. A rise above the upper limit of the consolidation at $159.94 would generate a confirmatory follow-up buy signal. The next potential price targets are the 50-day line at currently USD 165.42 and the resistance zone at USD 171.90-173.96. With a sustained overcoming of the latter zone, the medium-term chart picture would also brighten up again with the next possible targets at USD 184.00 and USD 190.00-193.58. Below USD 152.58, on the other hand, a renewed test of the now critical support zone at USD 139.02-140.96 should be planned. Below that, there would be a significant deterioration in the long-term chart picture with a possible next target at USD 122.17.
Qualcomm – Rally from support
