Swing Trade Idea (QCOM) – November 3, 2021
Our bullish trade for Wednesday, November 3rd is Qualcomm Inc (QCOM). QCOM is part of the Technology Sector (XLK). XLK has experienced a 9.9% gain in the last month.
QCOM has recently broken above the $135 minor resistance level with strong momentum providing a good risk/reward for a long entry. With a technical score of 5 (out of 10), QCOM is a neutral stock that will likely move higher.
As a close, if QCOM were to trade below $130 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $7.16.
