We last checked in with the charts and indicators of Qualcomm (QCOM) back on November 2nd where we wrote that "As you sit on the edge of your chair until Tuesday evening, be ready to take action on QCOM if needed." Earnings did not disappoint Wall Street on November 4th and the stock has traded sideways the past two months with dips towards $140 being bought.
How do things look now as we head into 2021?
In this updated daily bar chart of QCOM, below, we can see that prices have been trending higher since the dramatic March low. QCOM has stayed above the rising 50-day moving average line and every dip towards the line has been a buying opportunity this year. The slope of the 200-day moving average line has been positive since February.
The trading volume has been active all year while the On-Balance-Volume (OBV) line bottomed in May and moved up into early November before sliding off the past few weeks.
The Moving Average Convergence Divergence (MACD) oscillator is in a take profits mode but has begun to narrow so we might see a new buy signal in the new year.