On Friday, Qualcomm reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 75 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique RS Rating tracks market leadership by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history shows that the best-performing stocks typically have an RS Rating north of 80 as they begin their biggest price moves.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock manages to establish and enter a buy zone in heavy volume.
Earnings grew 69% last quarter, up from 49% in the prior report. Revenue also increased, from 30% to 41%. Keep an eye out for the company's next round of numbers on or around Jul. 28.
The company holds the No. 1 rank among its peers in the Electronics-Semiconductor Fabless industry group.
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