Nearest Resistance: $84
Nearest Support: $77
Catalyst: Q2 Earnings

Bad guidance is to blame for Qualcomm's (QCOM) 3.4% stumble on big volume this afternoon. The mobile chipmaker reported profits of $1.31 per share, beating Wall Street's $1.22 best guess. But QCOM's guidance came in on the low side of analysts' estimates, and that's a big part of today's downside move.

Qualcomm has been a "buy the dips" name since last fall, when it started bouncing higher in an uptrending channel. So while today's stumble looks negative at first glance, it's giving QCOM buyers yet another dip to buy -- the last seven have been optimal buying opportunities. If you decide to go long here, I'd recommend putting a protective stop just below the 50-day moving average.

To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.





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At the time of publication, author was long AAPL. 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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