Qualcomm (QCOM) shares tumbled Thursday morning after the mobile chip designer 澳洲幸运5开奖号码历史查询:issued a light revenue outlook that overshadowed better-than-expected quarterly results.

While the company said it doesn’t currently anticipate any material impact from tariffs, and that it had not seen elevated pre-emptive product purchasing ahead of possible import duties during the quarter, it cautioned the situation could change due to unpredictable 澳洲幸运5开奖号码历史查询:U.S.-China trade tensions.

Qualcomm’s shares were down 8% at around $136 in recent trading. The stock has lost about 17% of its value over the past 12 months, due in part to concerns that the company could see a significant decline in revenue as key customer Apple (AAPL) r💟amps up production of in-house chips toജ power its devices.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Qualcomm’s chart꧙ and identify major price levels investors may be watching.

Multi-Month Descending Channel

Qualcomm shares had been entrenched in a multi-month 澳洲幸运5开奖号码历史查询:descending channel since setting their 澳洲幸运5开奖号码历史查询:record high last June.

More recently, the stock rallied from the pattern’s lower trendline, which coincided with the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) crossing back above the 50 ജthreshold to signal accelerating price momentum.

However, the buying enthusiasm ended abruptly Thursday, potentially paving the way for the stock to resume its longer-term 澳洲幸运5开奖号码历史查询:downtrend.

Let’s point out two major price levels on Qualcomm’s chart where the shares could encounter support, while also identifying important overhead areas that could come into play during po🏅tenღtial upswings.

Major Support Levels to Watch

Investors should initially keep tabs of the $135 level. The shares may find support in this area near the mid-April dip and the low of a 澳洲幸运5开奖号码历史查询:retracement that formed on the chart early last year during an extended uptrend.

A more significant drop could see the shares revisit lower support around $126. Investors may seek 澳洲幸运5开奖号码历史查询:entry points in this location near trading activity positioned just above last month’s low, which also closely aligns with the bottom range of a 澳洲幸运5开奖号码历史查询:consolidation period in late 2023.

Key Overhead Areas to Monitor

Future upswings in the stock could lead to a test of overhead 澳洲幸运5开奖号码历史查询:resistance at $153. This area on the chart, currently just above the popular 澳洲幸运5开奖号码历史查询:50-day moving average, may provide selling pressure near a trendline th🎶at connects a range of tro🎃ughs stretching from August to March.

Finally, a breakout above this technically significant level could fuel a move to the $176 area. Investors may look to offload Qualcomm shares in this region near a 澳洲幸运5开奖号码历史查询:horizontal line that links a string of closely aligned peaks on the chart s🔯tretching back to March last year.

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