QCOM: More Room for Downside? We look to Sell at 158.32 (stop at 164.45)
Qualcomm - Short Term - We look to Sell at 158.32 (stop at 164.45)
Preferred trade is to sell into rallies. Previous support level of 160.00 broken. Short term RSI is moving lower. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 160.00, resulting in improved risk/reward.
Our profit targets will be 138.25 and 124.50
Resistance: 160.00 / 175.00 / 190.00
Support: 150.00 / 140.00 / 120.00
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