Stock market qualcomm
The tech sector is on fire, with semiconductor stocks seeing major gains almost every day, but Jim Cramer noticed that one name has been lagging behind the rest: A key player in the telecommunications space that provides chips and other equipment to various smartphone makers, Qualcomm has seen its stock go down 15 percent since the start of , while the rest of the Nasdaq rallied 17 percent.
To figure out whether Qualcomm's stock can break out of its rut, Cramer turned to the charts of technician Tim Collins, his colleague at RealMoney.
Qualcomm - QCOM - Stock Price & News | The Motley Fool
First, Cramer looked at Qualcomm's daily chart. First of all, the stock's day moving average, and that's the blue line, has flattened out lately, to the point where it's running just above the top of an ascending triangle pattern.
This moving average is important because Collins thinks that it could be the catalyst for Qualcomm's stock to run higher if the stock can break above that average. As Qualcomm's stock is 10 cents away from the day moving average, that goal seems achievable. If it closes above the average, a rally could be in store. However, Cramer acknowledged that this pattern was already tested once before.
In March, Qualcomm crossed above its day moving average only to come back down a few weeks later. What makes this time different is the slope of the average. In March, it wasn't finished heading downward, but now it has flattened out.
And two other key indicators, the On Balance Volume line and the Vortex Indicator, made bullish crossovers in the last several weeks, signs that the stock may be on the verge of an upward tear.
Stock QualcommThe stock's weekly chart supports Collins' predictions as well. The full stochastic oscillator, which measures when stocks are overbought or oversold, shows that Qualcomm is still far from being overbought. Or take the Chaikin oscillator, which tracks the number of people buying and selling a given stock. That has made a bullish crossover, another good sign. Want to take a deep dive into Cramer's world?
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QCOM : Summary for QUALCOMM Incorporated - Yahoo Finance
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Cramer's charts indicate Qualcomm's struggling stock could be gearing up for a comeback Elizabeth Gurdus elizabethgurdus. Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine Questions, comments, suggestions for the "Mad Money" website? Elizabeth Gurdus Digital Producer.
QCOM Stock Price & News - Qualcomm Inc. - Wall Street Journal
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