Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 173.96

+1.4%

Nov 11 3:59 PM EST

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To: Teresa Lo who wrote (36711)	7/22/1999 4:48:00 AM
From: Teresa Lo	Read Replies (2) of 152472

An interesting stock that came across our list yesterday morning was Qualcomm (QCOM). It made an all-time high on double the average daily volume on Tuesday but the day's action drew a Japanese candlestick known as a spinning top, representing indecision. Monday's candlestick was also a spinning top. But unlike Monday, Tuesday's blast of volume suggests two groups of participants acted out of desperation. The first is capitulation on the part of shorts that could no longer endure the pain. The second is bystanders who could no longer stand missing the runaway train. The uptrend seems to be exhausted for now, and QCOM is looking vulnerable short-term. Yesterday was a down day for QCOM on very heavy volume. This confirms our short-term bearish outlook. In any uptrend, there will always be retracements to consolidate its gains and until the 20-day EMA is violated, there is no cause for great concern. Watch volume very carefully. A normal pull back should be on contracting volume. During the trading day, we commented that QCOM had made an intraday pattern on the 65-minute chart named Three Little Indians, popularized by Linda Raschke. Note each high was made on contracting volume, which is a bearish sign. We drew an uptrend line under the pattern and by the end of the day, it was broken. In our observation, this pattern is very similar in nature to the classic head and shoulders top, and has proved to be reliable. For those interested in more Japanese candlestick terminology, the candlestick made at the first peak is called a bearish counterattack. The candlesticks at the second and third peaks are both shooting stars. Charts specific to these comments have been posted to intelligentspeculator.com

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