Shares of tech giant Qualcomm Inc. (NASDAQ: QCOM) were trading just under $170 on Tuesday morning, their highest level since February. The stock has been on a strong run for some time, gaining nearly 40% since April and almost 20% since the start of August. For a name that has so often lagged its more well-known peers, these are unusually strong moves, and a key technical signal is confirming them.
Qualcomm’s Relative Strength Index (RSI) is now hovering around 70, its highest reading since the summer of 2024. For many stocks, that level would raise concerns of overbought conditions, but in Qualcomm’s case, it points to the most bullish momentum the stock has seen in more than a year. Coupled with a still-bullish MACD reading, this appears to be the setup investors have been waiting on for a long time.
