Nearest Support: $60
Catalyst: Earnings Meanwhile, Qualcomm ( QCOM) is getting sold off this afternoon after mixed earnings announced last night rubbed Wall Street the wrong way. Even though earnings and revenues were up for QCOM, the firm's forecasts for next quarter disappointed investors enough to bid down shares by nearly 6% today. >>5 Hated Earnings Stocks That Deserve Your Love Technically, Qualcomm's gap down is significant because it pushed shares down below their closest support level at $64. Now that level is likely to start acting like a price ceiling for shares. At this point, QCOM is sitting about halfway in between that newfound resistance level and its nearest semblance of support at $60. If you're looking for an entry in this chipmaker, I'd recommend holding out until QCOM gets closer to $60. Buyers should wait to make sure shares can still catch a bid at that level.