Weak chart: Not a QCOM year 😔

I picked QCOM after it's earnings drop at the start of Feb. Overall guidance and earnings were positive, so it seemed like a no-brainer.

And the stock was between the 50 and 100MA at the time.... but this was a play that just didn't recover and I've been sleeping on it because I had planned it for the very long term.

Long term thesis: I think QCOM has a lot of potential long term. It is almost a 5g+ EV + semi conductor play put in one stock. But when I re-visit the weekly chart, the stock looks weak and ready for a further correction unfortunately.

I am not saying holding this stock for a very long term at current price is bad. But I see it being a lagging stock for 2021.

I have a decision to make to either close my QCOM and re enter a better dip later this year, which I believe is coming. Or, HODL, relax and dollar cost.

I may end up going for the sell on this soon and reconsider an entry in future.

Good luck traders.

Comment:

Haven't sold it as yet (as I didn't get it to a price I wanted.)
I have, however, noticed an increase in volume for April calls for QCOM. I expect it will make a big move now, so will wait and see

Comment:

I decided to de-risk. Closed my position for a tiny loss @ 132$ price point.. I have instead taken an Apr call $150 strike to stay in a play in time for April earnings. This has played out nicely with my expectation so far, so fingers crossed.