Yesterday I entered the
QCOM
trade as the price closed above the long term diagonal resistance zone.
I have several short term and medium term timeframe positions on $QCOM.
In the short term the price will likely encounter resistance at the $133 level, if we break that we can see $140.
The price is overbought as the oscillators show, so I will likely exit at the first target ($133) and then re-enter if the stock breaks out further or pulls back to the S/R flip zone.
I am a bit vary of going long on some of the semi conductors for medium term as the charts look fairly extended across that sector, however I am looking for this as short term profits.
The MA's are all sloping up, which shows a short term bullish momentum in price.
Hope this helps the readers, follow me for more trade ideas.
Thank you,
BK
QCOM
trade as the price closed above the long term diagonal resistance zone. I have several short term and medium term timeframe positions on $QCOM.
In the short term the price will likely encounter resistance at the $133 level, if we break that we can see $140.
The price is overbought as the oscillators show, so I will likely exit at the first target ($133) and then re-enter if the stock breaks out further or pulls back to the S/R flip zone.
I am a bit vary of going long on some of the semi conductors for medium term as the charts look fairly extended across that sector, however I am looking for this as short term profits.
The MA's are all sloping up, which shows a short term bullish momentum in price.
Hope this helps the readers, follow me for more trade ideas.
Thank you,
BK
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