Qualcomm May Be Set To Move Up
Back now at the October lows, Qualcomm may offer late bulls a chance to get in early.
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Who Cares About Chip Stocks Not Called NVDA
Qualcomm QCOM 0.00%↑ stock is struggling at present; it's down at the October 2022 lows whilst others - NVDA 0.00%↑ , AMD 0.00%↑ , even $INTC - have roared away. In truth it is just lagging behind the others a little and has, thus far, not fallen as far. Fundamentals leave a lot to be desired but chip stocks generally move up far in advance of any meaningful return to growth; that's what happened at the above three names and we could see the same here at QCOM.
The most important part of the story here is the chart. There's a lot of noise on this chart but the key point is that the stock is now sat right around the 61.8% Fibonacci retracement of the whole Wave 1-5 up pattern that took place from January 2019 - January 2022. Now, the stock could fall further before finding support - if so it will likely be at the 78.6% retrace of that move, which is to say around $81/share - but it may not. So if you are minded to start to build a position in QCOM - and we are - then as long as one is truly accumulating that position and not Yolo-trading it? It's fine to buy some up here at the 61.8 as long as you are planning on going slow and buying lower if you can.
There's a good chance that right now we are in the early stages of a larger-degree Wave 3, and if so, now would be an opportune time to buy.