A quick look at Friday: in Friday's bearish session, the 5G mobile wireless technology developer shed around 0.8% in quick fashion, found support around the $118.76 level and finally closed at $120.16. In contrast, the day's events followed Thursday's session in which the stock closed at $121.13.
Despite being in the red so far in the current trading session, Qualcomm peaked above its 3 day Simple Moving Average around $121.66 — typically an early indicator of a new bullish trend beginning to emerge. Qualcomm's lower Bollinger Band® is at $119.04, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Qualcomm could begin to recover as it approaches significant support, now $1.52 away from $118.64. Dipping below could be an indication that further losses are ahead. Despite this, having stamped out a session range of $118.76 to $121.9, Fibonacci-inclined Qualcomm traders were highly concentrated around active Fibonacci support at $120.31.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Qualcomm is set to appreciate despite today's setback.
Qualcomm was not the only decliner in the technology sector; Accenture plc Class A (Ireland) closed at $279.25 (down 2.11%). Microsoft went down 1.28%, closed at $289.84.
On the other hand, positive performances could be seen by looking at other technology stocks as NVIDIA traded at $267.58 after closing Friday's trading day at $264.63 (up 1.11%).
The stock has been trending positively for about a month. Over the past 8 months, the 5G mobile wireless technology developer has retreated 22.28% from a noteworthy peak of $155.86.