Qcom channel trade
Hit rock bottom after a earnings sell off followed by Nasdaq mini correction. bounce off the bottom of its channel today and I grab some contracts for 2 reasons.
1st - Over sold on all indicators RSI , MFI. and touch bottom of its. channel
2nd - President signed executive order for chip manufacturers (Sympathy play)
Yellow line is a downtrend .
Green lines are fibonacci targets , 100 day MA is also around 147$ area. will need strong volume to push through .
Double bottom at 151 which should help it closed that gap to 160
1st - Over sold on all indicators RSI , MFI. and touch bottom of its. channel
2nd - President signed executive order for chip manufacturers (Sympathy play)
Yellow line is a downtrend .
Green lines are fibonacci targets , 100 day MA is also around 147$ area. will need strong volume to push through .
Double bottom at 151 which should help it closed that gap to 160
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