Qualcomm is currently battling with the November 3, 2022 upward sloping trendline as it is trying to find a clear direction. The Average Directional Movement index (ADX) is just a tad above the 25-threshold, revealing the inability from both the bulls and bears to dictate a new trend in the market. However, two factors might be infusing some confidence into the bulls. A double-bottom pattern seems to have formed, with a close above the 128.04 level serving as the definitive confirmation. In addition, a bullish divergence appears to be developing due to the presence of a lower low in the stock and a higher low in the stochastic oscillator.

Should the bulls react upon these signals, they would potentially try to push the stock above the November 3, 2022 upward sloping trendline, towards the 120.93-121.36 range. This is populated by the 50- and 100-day simple moving averages (SMAs) and the February 1, 2023 downwards trendline. Even higher, the 123.19-124.95 area is expected to pose stronger resistance.

On the other hand, the bears would love another retest of the March-April lows at 112.00. Lower, the September 21, 2022 low of 108.16 appears to stand in the way for the bears, with the key target being the 3-year low at 101.49.