Qualcomm Incorporated (QCOM) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.58

-1.2%

3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: HairBall who wrote (123658)	8/30/2002 12:17:34 PM
From: Wyätt Gwyön	Read Replies (1) of 152472

lo and behold! on Jan 25 you called the stock at buy, looking for a run to $76. it closed that day at $46.05, and it would have been an excellent juncture to short the stock as it quickly broke down big time. remember: alpha always absconds! the only people who are good at TA are people like myself, and that's only because we think it's BS! check out my recent pinpoint calls on the SPX! just don't take them seriously or expect a repeat performance--i certainly don't. in your own words... #reply-16960623 I believe QCOM put in a significant bottom back in Oct01. The long-term falling wedge traced out by the pricing action since the Jan00 all time high, suggest a break to the norm and that would be up. If this pattern plays out per the norm, the low seen Oct01 will have likely been a significant low for QCOM. The current retrace of the rally following the Oct01 low has exceeded comfortable levels, however the dual bottoming action yesterday and today may represent the test of the Oct01 low, we shall see. A closer test could still materialize and I will not rule out one more test of the support line of the long-term falling wedge (which would set a lower low), but per my technicals I believe that unlikely. If the chart pattern provides a break to the norm (and I think it will), I would expect first major resistance to come in the area of the 23.6% Fib retrace level (76.46) of the Jan00 decline into Oct01. Of course there is initial resistance to overcome to get to this first Fib retrace level...rally peaks in Aug01 (68.57) and Dec01 (62.49) and the price action must first break once again above the falling resistance line of the long-term Jan01 falling wedge.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next