I have no way of telling which way the Qualcomm (QCOM) earnings will eventually go.
But if I was long on this stock right now, I would be shedding every share that I owned. This stock has a huge, and by huge I actually mean ginormous distribution pattern, followed by a perfect overhead price resistance level that is causing all sorts of problems for this stock before it reports after the bell today.
So get out of this stock and rest peacefully after the market closes.
Here's the QCOM trade setup:
Get Ryan's Morning Newsletter with all of the essential market data and analysis for your trading day for Free!
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>