Chart of the Day: Qualcomm Tests Support Again
At some point this stock's range will break.
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It is hard to get a feel for the direction of Qualcomm QCOM. The stock remains stuck in neutral, often testing the $165 level on the low end while refusing to move above $180.
At some point the range will break and since this base is long and tight that move is likely to be an historic move. Without question Qualcomm is ready to break out of this range it is been trapped in since early August. Three months is a long time, but we'll wait for it to happen rather than predict it.
The indicators are not flashing any bullish signals at this point in time. Moving Average Convergence Divergence (MACD) is flat, the parabolic SAR (stop and reverse) is bearish while the money flow is neutral.
Momentum (stochastics) are turning lower, there is simply no predictive power in the indicators right now.
At the time of publication, TheStreet Pro Portfolio was long QCOM.
