QCOM Stock Sell Trade Idea

QCOM Stock Sell Trade Idea:
This is a Qualcomm (QCOM) short sell trade for a change, from all the long trades so far. QCOM stock is showing weakness on the weekly chart, so a sell trade idea seems appropriate. This is in line with the bigger market structure picture. But the trade will only be executed after earnings are announced, as a precaution.

QCOM Stock Sell Trade Idea – Chart

Click chart to enlarge.

Qcom stock sell
Chart Source

QCOM has earnings due on the 29th April. Even though these may meet or beat consensus, the forward guidance (if any) will be weak. I believe QCOM stock will eventually sell off and have a target of $65. I know this is going against major opinion, so please do you own research. 

Trade Update: On earnings day, the 20 day EMA had crossed above the 50 day MA. This negated the trade, as we are no longer in a downtrend on the daily timeframe. If anything, we can now consider a long trade, but I would only consider buying on a breakout above the resistance zone shown on the chart above.

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These are NOT stock tips. Please note these are just trade ideas that I may, or may not take. It just helps me to focus by writing them down. I also do not give exits as I have various readers from Day Traders to long term Investors. Each of you have to do your own research, and use your own exits that suit your style of trading. 

 

Disclaimer: This information is for educational purposes only, and NOT a trade recommendation. these are just trade ideas that require more due diligence and research on your part. I may or may not take the trades myself.