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

To: marginmike who wrote (79941)	9/11/2000 3:17:57 PM
From: CAtechTrader	Read Replies (2) \| Respond to of 152472

If we see 65.5 we see 80 IMHO. Forces are moving behind the scene...at least don't be short.

To: marginmike who wrote (79941)	9/11/2000 5:25:06 PM
From: HairBall	Read Replies (1) \| Respond to of 152472

marginmike: The QCOM break above the consolidation range failed to follow through Friday and gave into the overall NASDAQ decline. QCOM sentiment was just not strong enough to hold it up in the down draft. The falling resistance line (green) breached on 9/7 needed follow through on Friday to the upside. QCOM fell back Friday to test the previous resistance line for support, but the initial bounce off the line gave into the pull of the overall decline in the NASDAQ. Sentiment for QCOM has not resin enough to support her in such a down draft. The next strong support at the lower boundary of the rising trading channel was breached with the gap down opening move in sympathy with the overall gap down in the NASDAQ today. Once the lower support for the rising trading channel was breached, it was obvious a retrace of the rising trading channel was in progress. Blasting through the Fib retrace levels, the horizontal price action area and pivot point at the end of August (58) was the next strong area of support. It is probable (58) is bottom for this move down, but I do have concern about the low volume during this decline for both QCOM and the NASDAQ. Evidence of capitulation selling is missing and is cause for concern. If a complete retrace of the rising trading channel occurs, a move to the August low on 8/23 (54.8125) is next. If this takes place, it becomes likely we will also see a retest of the low on July 11th. (51.5) as well. I am hopeful today’s low will hold, but it is always prudent to survey all possibilities and prepare. My QChart QCOM (Qualcomm) 30-Minute Semi-Log Chart marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines My charts are screen captured at (1024 x 768) and are best viewed at that resolution. Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations, but on occasion are used to depict longer-term formations as well. Note: Some of the trend lines that appear on my charts may have been establish by one or more price action points not shown in the current view or snapshot. ------------------------------------------------- Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.