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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (39839)	9/5/1999 8:03:00 PM
From: investsformoney	Read Replies (2) \| Respond to of 152472

We are currently at gap support established on 8/17. If you notice the daily bars on 8/16 and 8/17 you will notice how the numbers are strikingly similar to the most recent numbers. This continues to amaze me. The measurement on the uptrend is from 135 - 198. We have had a recent low of 158. This puts us right at a 62% retracement. In TA this is the maximum allowable retracement. So a break of 158 is extremely bearish. So i am not surprised to see support levels here. However my advice would be to get out of qcom if we see a break of 158 again. However the coverage in barrons and business week over this weekend should give us a boost as this is not already reflected in the stock price. Hence it would be a good chart setup to bet the 2/3 rd retracements would hold. If this does hold i wouldnt be surprised to see qcom return to its base into the high 180's low 190's. Technically after a 2/3 retracement a pull up is only natural to expect. Also the stochastics are severly in the oversold area. I am sure the other analysts covering qcom would suggest buying this dip. Although it would be my guess (based on my prior trading experience) that they will load up first before recommending it. It would be a perfect exit point when the analyst come out with their recommendations. ALthough i wouldnt bet on this theory. One last point i believe the retracement entry is behind us now. So bargain hunters should buy breakout to be on the safe side. That would be a safer bet. However risk tolearant investors might look for alternate entries. The coverage in barrons and businessweek this week should help in holding the 2/3 retracements. Good luck and i hope my ta helps.