The technical picture of the Qaulcomm Inc stock (NASDAQ: QCOM) on our daily chart shows that from around the beginning of May, the share price is trading above a medium-term upside support line taken from the low of May 12th. Last week, the stock pushed further north, coming closer to the current highest point of July, at 146.34. Hence why for now, we will stay positive with the near-term outlook, especially if QCOM jumps above that 146.34 hurdle.
If the stock makes its way higher and manages to overcome the current highest point of July, this will confirm a forthcoming higher high, potentially clearing the path towards the 148.93 barrier, marked by the high of February 16th. Around there, the share price might stall for a bit, or even correct back down. That said, if QCOM remains somewhere above the aforementioned upside line, it may attract new buyers into the game. If so, the share price may accelerate once again and travel back to the 148.93 area, a break of which could set the stage for a move to the 151.46 obstacle, or to the 152.69 level, marked by the low of January 27th.
The RSI is currently pointing higher, while sitting above 50. The MACD is flat, but remains above zero, while coinciding with the trigger line. Both indicators show positive price momentum, which supports the scenario discussed above.
Alternatively, to consider a possible move to some lower areas, a break of the aforementioned upside line is needed. QCOM could then fall to its next support area between the 135.62 and 136.81 levels, marked by the lows of July 8th and 19th. If there are still not enough of new buyers around there, the share price may continue falling, potentially targeting the 132.24 and 131.40 hurdle, which mark the lows of June 3rd and 18th.
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