The entire QCOM chart is bullish and, everything else being equal, it should break resistance any day now. The P&F chart has a bullish price objective of $61.00. From Friday's close of $48.31 we have a lot of bullish action ahead.
BRCM
BRCM is currently consolidating in a bullish flag formation following a stellar earnings report three weeks ago. It briefly fell out of its consolidation support on an intraday basis on Tuesday and again on Wednesday, however, on a closing basis, the flag support was not violated. For the most part this has been a lower volume consolidation with normal oscillator variations. Friday's low volume price activity formed an inside day closing on its 10 day EMA.
A look at the 60 minute chart, shows that BCRM's price has been weaving in and out of its 50 period SMA which is normal in a stage three consolidation. Violation of the flag support on a closing basis would be a strong signal that BRCM will attempt to close its bullish gap.
N.B. - Part of BRCM's vulnerability here is due to the ongoing QCOM/BRCM patent dispute which got some press again this past week.
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