Qualcomm stock surges on strong earnings, QCOM stock trades 6% higher in Thursday's premarket

QCOM and FB earnings help Nasdaq futures to bounce strongly.Qualcomm and Facebook provided just the tonic the Nasdaq needed after it suffered a heavy tanking on Tuesday. Facebook parent Meta stock rallied 15% on average earnings but "relief" was the major theme. Relief that a repeat of the previous earnings performance had been avoided.Qualcomm then stepped up to the plate and produced solid earnings, helping to perhaps turn sentiment around in the tech sector.

Despite the bullish earnings release, QCOM stock remains in a powerful downtrend. This is sector-specific and not just down to the company. Recently we have seen the MFI spike higher but it is not until or if the RSI gets back above 50 that QCOM begins to look more interesting on the long side. We are going to set $130 as key support. This is the pre-earnings low.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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