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Qualcomm (QCOM) Showing Bullish Signals

The chart of QCOM stock price action shows a market that went through a period of bearish correction in the beginning of the year, which turned into a sideways consolidation. This week, price action is showing some bullish bias suggesting QCOM could be turning from sideways to bullish.

QCOM Daily Chart

(click to enlarge)

Bullish Signals:
- First of all, note that the latest bearish price action was from roughly 60 to 54.70. It failed to reach back towards support around 52. This indicates a bullish bias, putting pressure back towards the range resistance in the 59-60 area. 
- Also, price broke above a falling resistance. 
- Then, it pivoted off the 56.00 handle. 
- Meanwhile, the RSI held above 40 after pushing above 70 in May. This reflects maintenance of May's bullish momentum.
- There is upside at least towards the 59-60 resistance area. The 200-day simple moving average is also right around 60 and could reinforce this area as potential resistance.
- If the current bullish bias is true, and price breaks above 60, we should anticipate a run towards the 63 area. 64 is a critical support/resistance pivot, so we should limit the bullish outlook to 64 for now .