TA: QCOM price right now and next couple weeks
first, thanks PhatBastard on options clarification
two things I see providing positive pressure on QCOM price
1. technical symmetry in price chart
- we headed down quickly from 180 to 140, and now are backing up on a similar path... we encountered 160 yday and must get thru it... 160 provided good support with a few bounces last week, one or two critical bounces... now that strong support translates into strong resistance... on the third attempt down, it broke... on the second or third attempt up, I expect it to give way to higher prices... that means a return quickly to 180 levels IMO
2. earnings, both fundamentally and psychologically
- with solid anecdotal reports of CDMA sales, new subscribers, strong Christmas retail wireless sales, earnings should be above expected eps... more importantly, the unknown nature of earnings Jan25th should provide strong ambuiguity effect as options expiration approaches Jan20th
we are now in the retraced path portion where 150 is tested and retested, until the bigplayers finally give up on lower prices... then 160 is seriously challenged and broken heading up
when 160 is broken, then the full force of swing momentum begins to work for us... expecting that swing to take us to 175 + 35 = 210 by end of Jan, or early Feb
expecting and hoping, Jim Willie |
