• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Doug Kass
    • Bruce Kamich
    • Jim Cramer
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing

Qualcomm Continues to Gain Strength, Add to Longs and Raise Stops

Stay long QCOM from previous recommendations.
By BRUCE KAMICH
Aug 12, 2020 | 11:16 AM EDT
Stocks quotes in this article: QCOM

During Tuesday's "Lightning Round' segment of Mad Money one caller asked Jim Cramer  about Qualcomm (QCOM) : "This stock is up huge. Wait for it to come down," was Cramer's advice.

 
We last wrote about QCOM on July 30 and said, "Stay long QCOM from previous recommendations. Raise stop protection to a close below $96. The $137 area is our next upside price target." Let's check on the charts again. 
 
In this updated daily bar chart of QCOM, below, we can see that prices made only a slight and temporary dip after surging to $113. In strong markets I have often seen strong stocks that do not dip much and do not fill breakaway gaps. QCOM is acting like a strong stock.
 
Prices remain above the rising 50-day moving average line as well as the rising 200-day moving average line.
 
The On-Balance-Volume (OBV) line has moved up with the price action, and the Moving Average Convergence Divergence (MACD) oscillator is still pointed upward in a buy alignment.  
 
 
In this updated weekly bar chart of QCOM, below, we went back a few extra years to show the size of the base pattern. The price gap disappears on this weekly chart but the importance of the breakout is still there. Prices are above the rising 40-week moving average line.
 
The weekly OBV line is rising and close to a new all-time high. The MACD oscillator has already made a new high. A bullish picture.  
 
 
In this Point and Figure chart of QCOM, below, we used weekly close only price data with a five-box reversal. Here the chart shows a potential longer-term price target of $248. 
 
 
 
Bottom line strategy: Stay long QCOM from previous recommendations. Consider adding to longs on strength above $113. Raise sell stops to a close below $101. The $137 area is our first target with the $247 area our longer-term price objective.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Trading | Technology | Technology Hardware & Equipment | Telecommunications | Mad Money | Telecom Services

More from Investing

Lessons Learned in 1999 Could Come in Handy Right Now

Timothy Collins
Jan 25, 2021 9:30 AM EST

Today's hot market conjures up thoughts of two decades ago, and approaches to trading then could prove invaluable in the current environment.

2 More Covered Call Opportunities That Are Calling Investors

Bret Jensen
Jan 25, 2021 8:30 AM EST

Here are options plays involving promising small-caps Clearside Biomedical and Mustang Bio.

Momentum Is Proving More Powerful Than Overbought Readings

James "Rev Shark" DePorre
Jan 25, 2021 7:44 AM EST

Comments about how unsustainable the current market action is are hitting all-time highs, but strong, speculative trading is winning out for now.

Volatile Road Ahead, 4 Market Impact Thoughts, Monster Earnings Week

Stephen Guilfoyle
Jan 25, 2021 7:32 AM EST

What can be done? Well for one, we are going to have to be creative. Jay, and Janet, I need you both paying attention here.

Debt-Laden Chinese Electric Car Company Shares Soar

Alex Frew McMillan
Jan 25, 2021 7:00 AM EST

Property developer China Evergrande has seen shares in its electric car unit skyrocket before it enters commercial production.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 09:52 AM EST GARY BERMAN

    INDU/DIA 20 DMA

    Fibocall: The DIA has the 20 DMA @ 307.81 and w...
  • 08:04 AM EST GARY BERMAN

    Monday Morning Fibocall for 1/25/2021

    SPX (Long-Term View) The 1/21/21 NEW high @ 3861...
  • 11:01 AM EST JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    I discuss price targets in my Saturday column.
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2021 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login