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QUALCOMM Incorporated stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Nov 12, 2021)

The QUALCOMM Incorporated stock price gained 0.32% on the last trading day (Friday, 12th Nov 2021), rising from $164.42 to $164.94. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 1.03% from a day low at $164.33 to a day high of $166.02. The price has risen in 9 of the last 10 days and is up by 23.98% over the past 2 weeks. Volume fell on the last day by -707 thousand shares and in total, 7 million shares were bought and sold for approximately $1.12 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $166.78 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect QUALCOMM Incorporated stock with a 90% probability to be traded between $123.84 and $167.60 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Signals & Forecast
The QUALCOMM Incorporated stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $162.98 and $136.84. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, November 09, 2021, and so far it has fallen -1.08%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss
QUALCOMM Incorporated finds support from accumulated volume at $163.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.69 between high and low, or 1.03%. For the last week, the stock has had a daily average volatility of 3.04%.

The QUALCOMM Incorporated stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $159.65 (-3.21%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Is QUALCOMM Incorporated stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for QUALCOMM Incorporated stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.106

Predicted Opening Price for QUALCOMM Incorporated of Monday, November 15, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.

Fair opening price November 15, 2021
$165.10

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https://stockinvest.us/stock/QCOM