The last time we looked at Qualcomm (QCOM) , back on March 11, we said: "Decision time - do we come off the sidelines and recommend buying QCOM? What I would like to see is a successful retest of the March 8th low. Risk just $119."
Let's check out the QCOM charts again today.
In the daily bar chart of QCOM, below, we can see that the shares retested the March lows in early May. Did you use that retest to be a buyer? QCOM is now trading around the flat 50-day moving average line and just below the 200-day moving average line.
The On-Balance-Volume (OBV) line made a slightly higher low in May than seen in March and that is a positive sign. The Moving Average Convergence Divergence (MACD) oscillator is ready to cross above the zero line from below.