Shares of Qualcomm ( QCOM) have been rising recently and gapped higher Thursday on the heels of its latest earnings numbers and an upgrade from a major sell-side firm.
In our last review of QCOM back on June 23 we recommended that, "Traders who went long QCOM earlier this month should continue to hold those positions... Add to longs on strength above $142.18. Our price targets are $160, then $200 and $225." 
Let's check on the charts again.
In this daily bar chart of QCOM, below, we can see that the shares rallied into early August and stopped short of our $160 price target. Another downside ended in early October and very briefly hit our $125 sell stop suggestion before turning higher again. Prices rallied into early November before gapping higher Thursday. QCOM is above the 50-day and 200-day moving averages.
The On-Balance-Volume (OBV) line has moved higher from October and tells us that buyers of QCOM are more aggressive now. The Moving Average Convergence Divergence (MACD) oscillator has just crossed back above the zero line for a new outright buy signal.
In this weekly Japanese candlestick chart of QCOM, below, we have to imagine the latest price action as this website does not update weekly charts in real-time. Prices are above the 40-week moving average line.
The weekly OBV line is very steady and looks close to making a new high. The MACD oscillator is narrowing and close to a new buy signal.
In this daily Point and Figure chart of QCOM, below, we can see an upside price target of $227.
In this weekly close-only Point and Figure chart of QCOM, below, we used a five-box reversal filter. Here the chart projects a $259 price target.
Bottom-line strategy: Traders who are still long QCOM from June or earlier should continue to hold. Raise stops to $135. Traders who are flat could buy QCOM at $154 and also risk to $135. Our price targets are $227 and $259.
(Qualcomm is a holding in the Action Alerts PLUS member club . Want to be alerted before AAP buys or sells QCOM? Learn more now. )
