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Nearest Resistance: $74
Nearest Support: $72
Catalyst: CEO Shakeup

>>Sell These 5 Toxic Stocks to Avoid a Christmas Crash

Mobile chipmaker Qualcomm ( QCOM) is getting high-volume attention today following news that COO Steve Mollenkopf was taking the CEO's desk after being courted for the chief executive role over at Microsoft ( MSFT). Keeping Mollenkopf was important enough to QCOM that the firm is ousting current CEO Paul Jacobs on March 4 of next year to make room for Mollenkopf. That's not to say that Jacobs is against the move -- he had a big role in the decision. Jacobs will remain executive chairman of the board.

From a technical standpoint, Qualcomm is currently consolidating in a rectangle pattern with resistance at $74. Look for a breakout above that medium-term price ceiling as a buy signal in this mobile semiconductor giant.

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-- Written by Jonas Elmerraji in Baltimore.


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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

Follow Jonas on Twitter @JonasElmerraji

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