QCOM is looking to break out of a symmetric triangle, and I think we will be seeing that soon. QCOM was +0.78% yesterday, even with the market flush, allowing it to close within the triangle.
Right now I am expecting to see a breakout to the upside and a PT of ~160 as the LOW on the breakout.
Positive signs: 30 week MA breakout several weeks ago, and successful backtest. 30 week is starting to curl to the positive side, and yesterday QCOM finished up when the market had a major flush.
Negative - ample overhead resistance we need to get above.
What I am watching for: Since we are in this "middle area", waiting for the breakout is ideal here. I wont be taking a trade until QCOM can breakout of the triangle. I am watching the 150 level closely as well. If we can get the breakout to the upside I will be looking at 155c's 30 DTE + on the backtest.
Right now I am expecting to see a breakout to the upside and a PT of ~160 as the LOW on the breakout.
Positive signs: 30 week MA breakout several weeks ago, and successful backtest. 30 week is starting to curl to the positive side, and yesterday QCOM finished up when the market had a major flush.
Negative - ample overhead resistance we need to get above.
What I am watching for: Since we are in this "middle area", waiting for the breakout is ideal here. I wont be taking a trade until QCOM can breakout of the triangle. I am watching the 150 level closely as well. If we can get the breakout to the upside I will be looking at 155c's 30 DTE + on the backtest.