QCOM compressing

Good morning Traders,
Today I am analyzing QCOM and far this will fall...The entire semiconductor sector has undergone MASSIVE compression over the last quarter with some names being down 40%+...I have been extremely bearish since Jan 22 on QCOM as well as others in the sector and have packed on some nice percentages the first half of the year...QCOM has had a nice break and retest of support as of yesterday and got tremendous pushback after the retest of the bottom side of the trendline...We've had a test and failure of the 50 RSI and now will retest the signal line...This stock has been in -MACD territory since Jan with no sign of convergence...I ultimately see this stock retesting the $118 to $121ish/price target 1 area and if a break of that price happens I believe we test the $110ish area as price target 2 with a $9 GAP down to $93ish area.

Now,
Do we fall that far over the last half of the year???? Who knows!!!! What we do know is that the P/E compression is happening across the sector and with liquidity being pulled out of the markets and all the macro crap happening in the world right now I see no bottom in sight for the time being.

Always remember

Be Smart

Be Patient

and

Be Kind

Have a great day everyone and feel free to leave your thoughts