Shares of semiconductor maker (and Action Alerts PLUS holding) Qualcomm (QCOM) have rallied Monday on the heels of news that Apple (AAPL) has extended their chip contract to 2026, but that may not be the most important fundamental news that investors are focusing on now.
Let's check the charts.
In the daily bar chart of QCOM, below, I can see that the shares have gapped higher Monday but those early gains are eroding and a weak close would not surprise me. The shares are trading below the declining 50-day moving average line and below the declining 200-day line.
The On-Balance-Volume (OBV) line shows a drift lower the past 12 months. The Moving Average Convergence Divergence (MACD) oscillator is in a bearish alignment below the zero line.