Qualcomm (QCOM) shares tumbled Thursday morning after the mobile chip designer 澳洲幸运5官方开奖结果ﷺ体彩网:issued a light revenue outlook that overshadowed better-than-expected quarterly results.

While the company said it doesn’t currently anticipate any material impact from tariffs, and that it had not seen elevated pre-emptive product purchasing ahead of possible import duties during the quarter, it cautioned the situation could change due to unpredictable 澳洲幸运5官方开奖结果体彩网:U.S.-China trade tensions.

Qualcomm’s shares were down 8% at around $136 in recent trading. The stock has lost about 17% of its value over the past 12 months, due in part to concerns that the company could see a significant decline in revenue as key customer Apple (AAPL) ramps up production of in-house chips to po𝐆wer its devices𒉰.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Qualcomm’s chart and identiꦗfy major price levels investors may be watching.

Multi-Month Descending Channel

Qualcomm shares had been entrenched in a multi-month 澳洲幸运5官方开奖结果体彩网:descending channel since setting their 澳洲幸运5官方开奖结果体彩网:record high last June.

More recently, the stock rallied from the pattern’s lower trendline, which coincided with the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) crossing ⛄back above the 50 threshold to signal accelerating price momentum.

However, the buying enthusiasm ended abruptly Thursday, potentially paving the way for the stock to resume its longer-term 澳洲幸运5官方开奖结果体彩网:downtrend.

Let’s point out two major price levels on Qualcomm’s chart where the shares could encounter support, while also identifying important ♔overhead areas that could 🐠come into play during potential upswings.

Major Support Levels to Watch

Investors should initially keep tabs of the $135 level. The shares may find support in this area near the mid-April dip and the low of a 澳洲幸运5官方开奖结果体彩网:retracement that formed on the chart early last year during an extended uptrend.

A more significant drop could see the shares revisit lower support around $126. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this location near trading activity positioned just above last month’s low, which also closely aligns with the bottom range of a 澳洲幸运5官方开奖结果体彩网:consolidation period in late 2023.

Key Overhead Areas to Monitor

Future upswings in the stock could lead to a test of overhead 澳洲幸运5官方开奖结果体彩网:resistance at $153. This area on the chart, currently just above the popular 澳洲幸运5官方开奖结果体彩网:50-day moving average, may provide selling pressure near a trendline tℱhat connects a range of troughs stretching from August to March.

Finally, a breakout above this technically significant level could fuel a move to the $176 area. Investors may look to offload Qualcomm shares in this region near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links a string of closely aligned peaks on the chart stretching back t🏅o March last year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.