Add This Premier Tech Stock to Your Portfolio

by Sam Collins | July 24, 2012 1:46 am

Add This Premier Tech Stock to Your Portfolio

Qualcomm (NASDAQ:QCOM[1]) — This company is a leader in developing products and services based on its advanced wireless broadband technology. Its stock performance had been outstanding until it was hit with a shortage of chips from Japan.

That and profit-taking drove the stock down from its March high over $68 to under its 200-day moving average. It appears to have found support at a quadruple-bottom just under $54, where five sessions ago, it reversed with a breakaway gap. On Monday, the gap was covered and the stock closed above its 50-day moving average (blue line). Its MACD indicator is on a strong buy signal.

QCOM earnings are expected to increase from $3.20 in FY 2011 to $3.65 in FY 2012 and $4.11 in FY 2013. Analysts have a target of between $70 and $81 within 12 months. Long-term buyers should add this premier tech stock to their portfolio now, and traders should expect a rebound to $63 to $65.

07 24 12 qcom Add This Premier Tech Stock to Your Portfolio

chart key Add This Premier Tech Stock to Your Portfolio

Endnotes:
  1. QCOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=QCOM

Source URL: http://investorplace.com/2012/07/trade-of-the-day-qualcomm-nasdaq-qcom-2/
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