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 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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