Chart of the Day: Qualcomm

Several breaks in key trendlines have Qualcomm creating a new downtrend.  This chart is great for examining how the support line once broken become resistance.  We see that characteristic a few days ago when the tail touches $63.70.  Then as it gained momentum it blew through $60.50.  It should find some support soon, then rally and if it is in a true down it should pop up to $60.50 and then hit resistance and drop again.



Happy Trading!