QUALCOMM Inc (NASDAQ:QCOM) Short Term Top?
By George Zabel
November 13, 2009 10:18 AM
November 13, 2009 10:18 AM
Symbols: QCOM
QUALCOMM Inc (NASDAQ: QCOM) appears to be making a short term top on the charts. If markets do correct lower as it is expected, this stock has plenty of room to the downside, which can be considered as a discounted entry price for going long again.
QUALCOMM is trading over $45 in today’s session and it can be considered a long term, strong buy, up to the level of $42, regardless of how sooner or later the broader Nasdaq market bottoms out in the short term. It is expected that the rally in the markets will enter a new, consolidation, slow rally phase where volatility will be more of a factor for all short term Option traders.
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