Qualcomm (QCOM) has become wildly oversold at major support. It’s also over-extended on RSI, MACD, and Williams’ %R. In fact, each time these indicators have been this low, and in agreement, the stock has bounced back. We saw it happen in March, at the tail end of 2022, and in November as well. We’re hoping to see it happen again nowadays.
Plus, it should run on the AI story, too. In fact, according to Qualcomm SVP of Product Management, Ziad Asghar, “This generative AI opportunity is just amazing for Qualcomm. You have to understand that this is how we’re able to bring all of these experiences onto the devices that are in people’s hands,” as quoted by Yahoo Finance.