Qualcomm (QCOM.US) stock plunged more than 10% after the chipmaker reported mixed quarterly results. Qualcomm came in 7 cents ahead of estimates, with quarterly earnings of $2.17 per share. Company said revenue was $8.24 billion, a gain of 62% from a year earlier. Analysts, on average, expected. $8.25 billion. However shares fell after the semiconductor said chip supply constraints were hampering its sales growth in its fiscal first quarter.
Qualcomm (QCOM.US) stock launched today's session with a massive bearish price gap and is currently trading below the long-term trendline line which coincides with 50 SMA (green line). If the current sentiment prevails, the downward move could be extended to the $138,88 handle. On the other hand, breaking above the resistance at $152,50 and the aforementioned trendline will invalidate the bearish scenario and stock may launch another upward impulse with ATH at around 168.25 being a potential target. Source: xStation5
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