Qualcomm Stock Experiences Strong Bearish Trend Ahead Of Q3 Earnings Report

Wall Street expects Qualcomm Inc (NASDAQ:QCOM) to report $2.25 in earnings per share and $9.21 billion in revenues as the company reports third-quarter earnings after market hours.

The stock is up 26.31% over the past year — 15.43% YTD.

Let’s look at what the charts indicate for the company’s stock, and how it currently maps against Wall Street estimates.

Further Bearish Movement

Qualcomm stock is currently experiencing a strongly bearish trend. Its share price of $166.94 remains below its 5, 20, and 50-day exponential moving averages. This indicates ongoing selling pressure and the potential for further bearish movement.

Chart created using Benzinga Pro

The eight-day simple moving average stands at $179.67, the 20-day SMA at $193.00, and the 50-day SMA at $201.62, all suggesting a bearish signal.

However, the stock price is still above the 200-day SMA of $161.96, which provides a bullish signal over the long term.

Chart created using Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator reads -8.45, reinforcing the bearish sentiment.

The Relative Strength Index (RSI) at 30.81 indicates that Qualcomm is oversold, suggesting that selling pressure may soon diminish.

Additionally, the Bollinger Bands range from $168.89 to $219.27, and the stock trades in the lower band – further supporting a bearish outlook.

Despite the long-term bullish signal, the overall technical indicators point to a bearish trend with potential risks.

Qualcomm Analysts See 35% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Qualcomm stock stands at a Buy currently with a price target of $194.63. Recent analyst ratings from Baird, Susquehanna, and HSBC suggest a 34.68% upside for Qualcomm Inc, with an average price target of $233.33.

Price Action: Qualcomm stock closed the trading day of Tuesday at $166.94, down 6.55%.

Read Next:

Qualcomm Q3 Earnings Preview: AI, Auto, Smartphones Top Items To Watch, Analyst Says ‘Share Price Pull-Back Offers Entry Point’

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Further Bearish Movement

Qualcomm Analysts See 35% Upside