Will Qualcomm stock hold above $160.99 support amid persistent downward price move?

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Qualcomm slides 10.8% to $165.39 today

Highlights

QCOM/USD trades below its key short-, medium-, and long-term moving averages, indicating sustained downside pressure across timeframes.
Momentum indicators conflict with price movement, as overbought signals persist intraday despite a 10.8% decline to $165.39 and moderate volatility.
Forecast for the next 2 to 3 sessions is consolidation between $160.99 and $170.62, with a 70% probability of further downside.

Mixed momentum signals with heavy resistance and overbought readings

On the H1 chart, QCOM is trading below its MA-20 at $182.34 and MA-50 at $178.82, while also sitting beneath the MA-200 on the daily timeframe at $169.51. The absence of nearby support from moving averages combines with the Ichimoku Kijun at $181.54 acting as the closest resistance. Momentum readings are mixed: MACD, ADX, and Awesome Oscillator point to buy momentum, but the RSI is elevated at 67.27 and Stochastic RSI, CCI, and Bull/Bear Power are deeply overbought, suggesting possible exhaustion of buyer strength despite the current negative price swing. Volatility intraday is moderate, with the stock near session lows and an observed 18.12-point gap down.

Downside bias dominates as consolidation expected in narrow range

Over the next two to three trading days, QCOM is expected to remain within a $160.99 to $170.62 range, with a 70% probability of further downside and only a 30% chance of an upward rebound. The baseline scenario anticipates consolidation inside this corridor; a decisive move above $181.54 would be required to trigger a bullish breakout, while a drop below $160.99 would increase the risk of continued losses.

Anton Kharitonov, analyst at Traders Union, notes that Qualcomm’s price action is firmly bearish, with the stock trading well below all key moving averages and showing no immediate technical support. He sees a lack of positive news and a mixed momentum picture, which adds to downside risks. The base case is continued consolidation between $160.99 and $170.62, with little justification for an optimistic view unless $181.54 is reclaimed. "I remain cautious here — as long as Qualcomm stays beneath its resistance levels, recovery prospects look weak."

Previously it was reported that analysts anticipated continued downside risks and potential consolidation for Qualcomm shares amid mixed technical signals. The current decline strengthens that outlook, with traders advised to monitor $160.99 as the key risk level where further losses could accelerate.

Source of Data: QCOM Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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