Go Long on Qualcomm
All indicators favor this tech name.
The magenta line is my seasonality line for Qualcomm, and it's about to improve nicely into early April. The blue shading above the magenta line confirms this period is one of the best times to be long Qualcomm.
The next big seasonal test will appear in April. Until then, the seasonal heat (my colorized test for consistency of a strong or weak seasonal zone) favors Qualcomm.
A simple retracement analysis illustrates that the pullback seen is normal after a nice run from $28.16 to its high of $37.71. Qualcomm has broken below its 38.2% retracement but could be back above the 50% level, with a 0.22-cent move to the upside tomorrow.
For these reasons, Qualcomm has been on my weekly Type-1 Short Squeeze Report.
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