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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: fedhead who wrote (21342)7/28/1999 10:13:00 PM
From: HairBall  Read Replies (1) of 99985
 
Anindo Majumdar: I hope you don't mind my input.

QCOM has been trading in a rising trading channel on the daily linear chart. Which gives rising boundaries easily observed.

However, I prefer to chart using semi-log charts and that gives a totally different picture of how QCOM is doing. It reveals that QCOM has just recently moved down and to the right of a rising wedge. And that portends a significant retrace of the rising wedge. The retrace characteristics QCOM has exhibited since March has been over 50% of each move up. That would suggest at least a retest of the (126 area) or even a move back to the level of the last peak at the (120 area). And if these areas do not hold, much lower is possible.

Of course, chart formations are not 100%. I think I will upload both charts to my chart page to example the difference between a linear chart and a semi-log chart. This would be a good comparison because of the major move QCOM has made this year.

Note: QCOM has retraced about half of the pattern and has begun a move back up, so this formation is at risk of being negated. I have no position in QCOM at this time.

Regards,
LG

Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.
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