If Qualcomm Trades Under This Level, Expect a Decisive Move Lower

A bearish head and shoulders pattern has developed in the chart of Qialcomm (QCOM).  If the neckline of this pattern is crossed, I expect QCOM to have a breakdown…

Qualcomm (QCOM) develops and licenses wireless technology and designs chips for smartphones. It is one of the largest manufacturers of wireless chipset based on baseband technology. Due to the 5G rollout, the company is benefiting from investments made towards building a mobile licensing program.

Take a look at the 1-year chart of QCOM below with added notations…

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