Bearish – QCOM $ 51.57 – Technology
The bearish DailyPlay we chose for Friday, Feb 15th is Qualcomm (QCOMM). QCOMM is in the Technology Sector (XLK). XLK has rallied 8.90% higher over the past month and its 1m and 6m trend turned bullish on 2/13 but has failed it break above its $69 resistance level and is currently overbought.
Qualcomm’s 1m and 6m trends turned bearish on Jan 15th and recently bounced lower off its $52.50 resistance level. With a technical score of 2 (out of 10), QCOM is a weak stock that will likely continue lower.
As a stop loss, if QCOM was to trade above $52.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.