Qualcomm: A Technical Deep-Dive Confirms the Worst

Core Viewpoint - Qualcomm's stock has seen a nearly 20% increase since April lows, yet it remains stagnant, closing just over $146, down from a peak of $156 in early May, indicating a struggle to gain momentum [1][2] Financial Performance - Qualcomm's latest earnings exceeded expectations for both revenue and earnings, with no significant changes in its long-term outlook [2] Technical Indicators - The Relative Strength Index (RSI) is flat around 50, indicating a lack of strong conviction in either direction [3][4] - A bearish MACD crossover occurred, suggesting weakening momentum and potential for further downside [6][7] - The 50-day moving average is below the 200-day moving average, a bearish signal, with shares currently testing this key level [8] Market Sentiment - The overall market sentiment towards Qualcomm is cautious, lacking the bullish attention seen with competitors like NVIDIA and AMD [9][10] - Analysts have maintained a neutral stance, with no significant upgrades or aggressive price target increases since April [10][11] Growth Narrative - Qualcomm is executing steadily but lacks a compelling growth narrative to attract investor excitement, particularly in the context of AI trends benefiting its peers [11][12] - Significant upward movement in Qualcomm's stock is unlikely without a clear positive catalyst, such as an analyst upgrade or a notable increase in demand [13][14]