Shares of tech giant Qualcomm Inc. (NASDAQ: QCOM) closed just under $160 on Tuesday, continuing a rebound that has added more than 10% since the first week of August. That rally came after a sharp selloff on earnings, which briefly dragged shares below the lows seen through much of June and July. While the post-earnings dip marked a lower low, the broader uptrend that began in April remains intact.
For bulls, the task now is clear. Qualcomm needs to push higher and, in particular, break through the $165 level. That has been the ceiling for the stock several times this summer, with the bears consistently stepping in to push the stock back down.
