Wall Street expects Qualcomm Inc QCOM to report $2.25 in earnings per share and $9.21 billion in revenues as the company reports third-quarter earnings after market hours.
The stock is up 26.31% over the past year — 15.43% YTD.
Let’s look at what the charts indicate for the company’s stock, and how it currently maps against Wall Street estimates.
Further Bearish Movement
Qualcomm stock is currently experiencing a strongly bearish trend. Its share price of $166.94 remains below its 5, 20, and 50-day exponential moving averages. This indicates ongoing selling pressure and the potential for further bearish movement.
Chart created using Benzinga Pro
The eight-day simple moving average stands at $179.67, the 20-day SMA at $193.00, and the 50-day SMA at $201.62, all suggesting a bearish signal.
However, the stock price is still above the 200-day SMA of $161.96, which provides a bullish signal over the long term.
Chart created using Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator reads -8.45, reinforcing the bearish sentiment.
The Relative Strength Index (RSI) at 30.81 indicates that Qualcomm is oversold, suggesting that selling pressure may soon diminish.
Additionally, the Bollinger Bands range from $168.89 to $219.27, and the stock trades in the lower band – further supporting a bearish outlook.
Despite the long-term bullish signal, the overall technical indicators point to a bearish trend with potential risks.
Read Also: Qualcomm Analyst Predicts 34% Upside: ‘Share Price Pullback Offers Entry Point’
Qualcomm Analysts See 35% Upside
Ratings & Consensus Estimates: The consensus analyst rating on Qualcomm stock stands at a Buy currently with a price target of $194.63. Recent analyst ratings from Baird, Susquehanna, and HSBC suggest a 34.68% upside for Qualcomm Inc, with an average price target of $233.33.
Price Action: Qualcomm stock closed the trading day of Tuesday at $166.94, down 6.55%.
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