>>But Jim thinks there is terrible resistance at 80. What's your take? <<
I realize you did not ask me this question (smart on your part<g>) but I'll give my two cents anyway.
Any time a stock falls a long way there is "overhead resistance" all the way back up. People who got in higher, and lived through the pain of paper losses, are often quick to sell, and get out even. That makes the climb back up more difficult. However, looking at the chart, the fall, after March, was relatively quick and steady. Resistance often occurs when a stock has based in an area for a while.
The biggest area of resistance I see would be the 140 level. That is where we saw the gap up on 12/29 and where the stock traded from January 6 to April 11. This level acted as support during this time, and will act as resistance on the way back up.
There was also some sideways movement at around $100 from mid-November to mid-December, and again from mid-April to early May. That would be another resistance level. Also, the 200 day moving average is currently just over $100. Different people can look at charts in different ways, but I do not see other areas of heavy resistance below $100. JMHO, of course.
One last item. IBD provides an accumulation/distribution rating to indicate what the big money is doing. I have a note that the rating for QCOM on 5/30/00 was an "E" the lowest possible. As someone pointed out about a week ago, the rating just moved from a "C" to a "B", the second highest. I think QCOM looks pretty good here.
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