Strong

Base

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Qualcomm stock price (NASDAQ: QCOM) fell 14% in August 2023.</a> </li> 
 <li> <span>2</span> <a>QCOM stock price drops below the 50-day EMA and 200-day EMA.</a> </li> 
 <li> <span>3</span> <a>Qualcomm Inc. beat the EPS estimate but missed the revenue.</a> </li> 
</ul> 
<p>Qualcomm Inc., QCOM stock price corrected 14% approx in August and dropped below the crucial support of $120. It formed a bearish pattern and prices returned back to the lower range.&nbsp;</p> 
<p>Qualcomm stock price also dropped below the 50-day and 200-day EMA. It showcases that the short-term trend as well as the positional trend has reversed. However, the buyers are trying their best to regain the EMAs to bring back the confidence of investors.&nbsp;</p> 
<p>On a higher time frame chart, QCOM stock price is stuck in a wide range between $101.00 to $140.00.&nbsp;</p> 
<p>In the past 8 months, buyers tried multiple times to break the high and expand upward. But due to the strong presence of sellers $QCOM faces rejection and reverts down.&nbsp;</p> 
<p>Qualcomm Inc. released the previous quarter earnings on August 2, 2023. It reported an EPS of 1.87 and revenue of $8.442 Billion. The company beat the EPS estimate by 3.51% but missed the revenue estimate by 0.77%.&nbsp;</p> 
<p>Despite that, QCOM stock price reacted negatively and fell 8% after earnings. Later, the sell-off continued and prices slipped down by forming lower lows.&nbsp;</p> 
<p>Qualcomm stock price closed the previous session at $113.27 with an intraday decline of -0.45%. The market capitalization stands at 126.41 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-qcom-stock-recover-from-the-lower-range-strong"><strong>Will QCOM Stock recover from the lower range?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/stMKc-lPd-GEPgW95qNVcdiJnE7QP0UllwJNRdrmuzrGUmx3EMe2X6xSc-BVbQ7kdACbEp_6zSQf0QMWoRu6KX9_ItM6GCaz42jefQNAw4d50aDrd78rG9RoeJ-NZFxJ02Utg8z6GxDG1S6SpQxpUw" alt="Qualcomm Stock: Will QCOM Stock reach $140 by the End of 2023?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: QCOM daily chart by <a href="https://www.tradingview.com/x/d06dLdg0/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Qualcomm Inc., QCOM stock price is in a correction phase but trading near its strong demand zone. So, the downside risk looks limited. If the other tech giant companies recover in September month then $QCOM might be positively impacted.&nbsp;</p> 
<p>Till the <a href="https://www.thecoinrepublic.com/2023/08/22/qcom-stock-price-forecast-can-qualcomm-incorporated-fall-more/" target="_blank" rel="noopener noreferrer nofollow">Qualcomm stock</a> price sustains above $101.00 the possibility of continuing the recovery remains high. However, the prices will gain momentum when buyers are able to regain the EMAs.&nbsp;</p> 
<p>The technical analysis suggests that that QCOM stock price is at attractive levels, and bulls will soon return back to track.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-qualcomm-stock-formed-a-strong-base-near-101-strong"><strong>Qualcomm Stock Formed a Strong Base near $101</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_ff06c"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:QCOM",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_ff06c"

}

  );

  </script> 
</div>  
<p>Qualcomm stock price formed a strong base near $101.00 and responsive buyers are highly active. So any short-term downfall in the QCOM stock is likely to be easily absorbed.&nbsp;</p> 
<p>The MACD curve is reversing upward and generating a positive crossover. The histogram is also turning green indicating bullishness and the chances of reversal are high. The RSI at 46 slopes sideways denoting neutral territory and the QCOM <a href="https://www.thecoinrepublic.com/2023/08/22/qcom-stock-price-forecast-can-qualcomm-incorporated-fall-more/" target="_blank" rel="noopener noreferrer nofollow">share price</a> might spend some time in consolidation.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Qualcomm Inc., QCOM stock price fell 14% in August. It formed a bearish pattern and hurted the sentiment of its investors.&nbsp;</p> 
<p>However, the Qualcomm stock price is near the demand zone so the possibility of recovery in September remains high. If buyers succeed in climbing above the 50-day EMA then QCOM stock price might begin the journey to reach $140.00.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $120.00 and $130.00</li> 
 <li>Support levels: $108.00 and $101.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Qualcomm Stock: Will QCOM Stock reach $140 by the End of 2023?

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Thecoinrepublic.com

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