Qualcomm Inc QCOM will be reporting its second-quarter earnings on Wednesday. Wall Street expects $2.32 for EPS and $9.3 billion in revenues as the company reports after market hours.

The stock has been riding the AI wave and is up over 45% for the year. In 2024 so far, the stock has returned 16.32% to investors.

Let’s look at what the charts indicate for Qualcomm stock and how the stock currently maps against Wall Street estimates.

Qualcomm Stock’s Strong Bullish Trend Ahead Of Q2 Earnings 

Qualcomm’s stock is currently experiencing a strongly bullish trend.

Chart: Benzinga Pro

The share price is above its 5-, 20-, and 50-day exponential moving averages, indicating buying pressure and suggesting a positive outlook for future bullish movement.

The 8-day simple moving average is above the current share price, signaling bullishness. The 20-day and 50-day simple moving averages also indicate bullish sentiments. Additionally, the 200-day simple moving average is below the current price, further supporting a bullish stance.

Chart: Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator is negative at -0.44, suggesting a bearish setup, but this may be a lagging indicator given the strong bullish trend.

The Relative Strength Index (RSI) at 52.31 indicates Neutral conditions for the stock. However, the RSI can be seen making advances northward, boosted by strong bullish momentum. Being a long way away from the overbought zone at 70, Qualcomm stock still has room to run before ringing any warning bells from a technical standpoint.

The Bollinger Bands had the stock trading within the lower (bearish) band for the past few days. However, Qualcomm stock’s momentum drives the stock trading to the upper band, indicating strength in the current uptrend.

Overall, the technical analysis indicates a strong bullish trend for Qualcomm’s stock with potential for further upside.

Also Read: What the Options Market Tells Us About Qualcomm

Qualcomm Analysts See 15% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Qualcomm stock stands at a Buy currently with a price target of $140.31. However, the most recent analyst ratings for the stock released April 10 onwards by Benchmark, Evercore ISI Group and Susquehanna has the average price target from these three ratings as $194, suggesting a potential upside of 15.05% for Qualcomm stock.

QCOM Price Action: Qualcomm stock was trading down 1.38% at $166.83 at the time of publication Tuesday.

Read Next: Qualcomm Poised for Growth in AI Smartphones and Automotive Sectors Amid Expanding Market Presence: Analyst

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