Qualcomm Incorporated (QCOM) moved lower in recent intraday trading as the stock remained under the control of a short-term bearish corrective trend, with price action continuing to follow a steep descending trendline that reinforces the prevailing downside bias. Selling pressure also persists as the stock continues to trade below its 50-day Simple Moving Average (SMA), limiting the prospects for a sustained recovery in the near term. Meanwhile, momentum indicators have started generating fresh bearish signals after successfully easing their oversold conditions, leaving the stock with additional room to extend its recent losses.

Therefore, our outlook remains bearish for the stock's upcoming trading sessions, as long as resistance at $184.00 remains intact. Under this scenario, the stock is expected to target its first support level at $158.85.

Today's price forecast: Bearish.