Qualcomm Inc. (QCOM) All Set To Show A Deeper Correction

Qualcomm Inc. (NASDAQ: QCOM) slipped 15% to $40.50 by early afternoon deals on Thursday after the leading producer for mobile phone chips brought down its guidance for 2010 sales outlook. Qualcomm Inc. (QCOM) forecast a Q2 profit that is short of analysts’ estimates, in light of slow pick up in demand.

Qualcomm Inc. (QCOM) has breached below its 50 day moving average and 200 day MA in a single session with high volumes in a single session on Thursday, thus confirming the possibilities that Qualcomm Inc. (QCOM) is already on a correction path.