Shares of Qualcomm Inc. (NASDAQ: QCOM) closed at $160 on Tuesday night, once again hovering above a key long-term support level of around $150. This area has acted as a technical launchpad for the stock several times since last summer, and it’s looking like it may do so again. Every timeshares have tested this level over the past year, they’ve bounced higher.
This kind of repeated support, particularly when it holds firm across volatile markets, tends to attract institutional interest. It’s a sign that sellers have exhausted themselves and buyers are ready to enter. With technical momentum shifting and a wave of bullish sentiment building, Qualcomm is beginning to look like it’s coiling tightly, ready to break out.
