Yesterday at a glance: Lightly positive Qualcomm closed at $122.86 after ranging between $118.71 and $123.1.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
Qualcomm's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims improved upon its previous reading of 226,000 with a new data release of 222,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
Chart analysis indicates Qualcomm could be slowing down soon as it approaches resistance at $124.4. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that Qualcomm made an initial breakout above its 5 day Simple Moving Average at $121.93, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Qualcomm's upper Bollinger Band® is at $128, this is a slight indication of a slowdown.
All in all, the technical analysis suggests Qualcomm has no clear-cut direction.
A look at other technology stocks also showed bullish price action as Cisco Systems added 4.96% to its value, and traded at $46.59.
While Qualcomm was bullish yesterday, the following technology stocks underperformed: Salesforce went down to $149.69, losing 3.5% after it closed at $155.12 yesterday. Intuit lost 3% yesterday and closed at $381.88.
Furthermore, the market is looking at United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.
Having set a significant high of $189.28 15 days ago, the wireless technology company is trading 16.22% lower.