Why Qualcomm’s Latest Run at Resistance Has Bulls Paying Attention

Core Viewpoint - Qualcomm Inc. is experiencing a significant upward trend in its stock price, driven by a series of higher lows and a tightening wedge formation, indicating potential for a breakout above the $183 resistance level [2][3][4]. Group 1: Stock Performance - Shares of Qualcomm Inc. rose approximately 3.5% on January 6, bringing the stock closer to the $183 resistance level, which has historically been a significant price point [2]. - The stock has been forming a series of higher lows since April, supporting a rising trendline that is now approaching the $183 resistance [3][4]. Group 2: Technical Analysis - The current setup is characterized by a tightening wedge formation, suggesting that technical pressure is building for a potential breakout [3][4]. - Unlike previous attempts, the stock's recent performance shows a controlled upward movement over nearly nine months, providing a stronger foundation for a potential breakthrough [4]. Group 3: Catalysts and Business Developments - Positive business developments, particularly updates from the CES conference in Las Vegas, are reinforcing the technical picture and supporting Qualcomm's diversification efforts [5][6]. - With earnings expected in early February and new product momentum building, the upcoming breakout attempt could be more significant than previous ones [6].