QUALCOMM $QCOM Trade Idea

Yesterday I entered the QCOM trade as the price closed above the long term diagonal resistance zone.

I have several short term and medium term timeframe positions on $QCOM.

In the short term the price will likely encounter resistance at the $133 level, if we break that we can see $140.

The price is overbought as the oscillators show, so I will likely exit at the first target ($133) and then re-enter if the stock breaks out further or pulls back to the S/R flip zone.

I am a bit vary of going long on some of the semi conductors for medium term as the charts look fairly extended across that sector, however I am looking for this as short term profits.

The MA's are all sloping up, which shows a short term bullish momentum in price.

Hope this helps the readers, follow me for more trade ideas.

Thank you,
BK