Swing Trade Idea (QCOM) 2-17-2021
Our bullish trade for Wednesday, February 17th is Qualcomm Inc (QCOM). QCOM is part of the Technology Sector (XLK). XLK has experienced a 7.3% gain in the last month and its 1M and 6M trends are bullish.
QCOM has recently pulled back to an area of support and its 100 D MA providing a good risk/reward for a long entry. With a technical score of 6 (out of 10), QCOM is a neutral stock that will likely move higher.
As a stop loss, if QCOM were to trade below $142 for multiple days, this would invalidate our analysis and focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $7.80.
