Not happening.

That's the message from Qualcomm Inc. (QCOM)  TODAY, following an unsolicited $103 billion offer from chipmaker Broadcom (AVGO) in November.

Broadcom offered to buy out Qualcomm for $70 per share in cash and stock, a price that Qualcomm rejected as too low. The firm also cited the significant regulatory challenges of a merger as a reason to reject the Broadcom offer.

But even if a Broadcom buyout of Qualcomm isn't meant to be, the deal is having a huge impact on Qualcomm's price action this month. Despite major buoyancy in the tech sector in 2017, Qualcomm has been a significant laggard year-to-date, shedding around 16% of its market value in the months leading up to Broadcom's offer on Nov. 3.

The Broadcom bid changed all that. Finally, after pointing lower all year long, Qualcomm's price action is finally looking buyable again. In short, Broadcom's high-profile offer saved QCOM's bacon for 2017 -- shares are back in positive territory year-to-date, and they could be heading even higher in the final stretch of the calendar year.

To figure out how to trade it, we're turning to the chart for a technical look:

It's hard to miss the prevailing trend in shares of Qualcomm for most of this year: QCOM's selloff hasn't just been long term, it's also been orderly, trading within a very well-defined range since the start of 2017. But it's equally easy to spot the massive breakout in shares tied to the Broadcom buyout offer at the start of November.

That big upward rally in Qualcomm's price action definitively broke shares out of the downtrend that they've been stuck within for most of this year, clearing the path for higher ground.

The stage was actually being set for an upward move long before Broadcom's bid came in. Price momentum, measured by 14-day RSI up at the top of the QCOM chart, actually started making higher lows back when shares bottomed in September. That was an indication that buying pressure was building beneath the surface, but the buyout offer was the catalyst that set those buyers in motion.

In the intervening sessions since the massive breakout in Qualcomm, shares have been consolidating just below prior resistance at $66. That's the next hurdle that shares will need to cross in order to hold onto their bullish price trajectory.

For would-be Qualcomm bulls, that $66 price ceiling marks the next potential buy signal in this stock. A breakout above $66 is your gauge that shares are making another run higher, and it's time to be a buyer again. Shares are within striking distance of $66 as I write -- stay tuned.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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