$QCOM now one of my short term favs
QCOM looking to breakout of a symmetric triangle for a intermediate wave 3 of a primary 1. PT will be ~160.
Support: AVWAP and 30 week MA curling support below
Resistance: between 149-150 is last major resistance holding back the launch to 160
How to trade this: Right now we could still consolidate until early October. Create trendline break alerts and >150 alert. On QCOM breakout wait for slight backtest (strong breakouts dont have to fully backtest, so on breakout all dips a buy). At that point 155c several weeks away could be an effective position to take for the ride to 160. Stop loss would be set under the 149 resistance turned support
Support: AVWAP and 30 week MA curling support below
Resistance: between 149-150 is last major resistance holding back the launch to 160
How to trade this: Right now we could still consolidate until early October. Create trendline break alerts and >150 alert. On QCOM breakout wait for slight backtest (strong breakouts dont have to fully backtest, so on breakout all dips a buy). At that point 155c several weeks away could be an effective position to take for the ride to 160. Stop loss would be set under the 149 resistance turned support
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