Qualcomm Incorporated (QCOM) stock declined during its recent intraday trading, amid continued negative pressure as it trades below its 50-day simple moving average, and under the dominance of a short-term corrective downward trend. In addition, negative signals are beginning to appear on the Relative Strength Index after reaching overbought levels relative to price action, adding further downside pressure to the stocks upcoming movement.

Therefore, our expectations point to a decline in the stock price in upcoming trading, as long as resistance at $139.30 holds, targeting the support level at $120.80.

Todays price forecast: Bearish