The wireless technology company trades at $107.36 today, after closing Friday at $106.69 and gaining 67 cents (0.63%).
Qualcomm made an initial breakout above its 3 day Simple Moving Average at $107.69, a potential indicator of a newly emerging bullish phase. Qualcomm's lower Bollinger Band® is at $104.37, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although Qualcomm is appreciating today after rising as high as $108.19, price action is now slowing and consolidating around 66 cents below the $108 resistance level.
Overall, looking at the technical analysis landscape, it seems Qualcomm likely to continue pointing upward in the short term.
This rally in Qualcomm's share price coincides with other technology stocks as Adobe gained 2.39%, currently at $292.57. Microsoft is up 1.18%.
While Qualcomm is higher so far today, these technology stocks are struggling: after closing the previous session (Friday) at $138.38, Apple lost $1.68 and is trading around $136.7.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
Qualcomm hit a significant low of $103.88 around 4 days ago, but has since recovered 2.71%.