TA: look for a quick return to 170's in next few days
this stock's price path is the most symmetric I have seen in years
with such widespread "trading" of QCOM, we will see a dearth of sellers and a growing number of buyers, resulting in a reversed path on the way up... that path will look identical to the path going down, which was sudden
157-160 should offer some token resistance
it offered solid support until emotions stampeded it last week
unfortunately, some buyers at 160 on the way down will "walk away even" at this chance
old support is new resistance, but not for long
THE BIGGER PICTURE:
the move from 175 to 140 is now in reverse
with earnings, and possibly more solid news, the swing up will likely be substantial
I look for a swing momentum move to 210 minimum
news items: big news with Nokia CDMA purchases, or ATT begging on bent knee, or possibly a totally unexpected 2:1 split, how about something out of Europe
nearterm QCOM target: 210
I maintain the Kyocera deal will strike fear into the hearts of the big4 (Nokia, Ericsson, Motorola, AudioVox)
/ Jim Willie
p.s. options expiration is always the 3rd Friday |
