Lets wrap up discussion on QCOM following our last update. As it has met our swing trading goals, TrendVue coverage of QCOM for this swing trade will discontinue.
After pushing higher at the open, [QCOM] is consolidating in what will probably turn out to be some form of triangle. Those still holding QCOM long need to adjust their exit stop to a price compatible with their objectives.
Given the increased chance that major market indexes may pull back after a strong multi-day run, the swing trader will use areas of consolidation to detect intraday reversals, or use a profit target to set stops.
The investor who has entered QCOM in the hopes that the break out from recent highs will continue will at least have a break/even stop - and also will not be surprised or disappointed if a market-wide retracement begins and QCOM follows along and stops them out. If so, there will be another entry set up in the future.
04.04.05 11:00 #