Qualcomm shares close higher on Wednesday, company reveals 3D sensor development collaboration with Himax

Qualcomm Incorporated (QCOM) reportedly disclosed a partnership with Himax Technologies focused on development and promotion of high-resolution, low power, active 3D depth sensing cameras.

The shares of Qualcomm Incorporated closed higher for the second time in the past six trading sessions on Wednesday. It has also been the steepest daily increase since August 22nd. The stock went up 0.60% ($0.31) to $52.12, after touching an intraday high at $52.29, or a price level not seen since August 25th ($52.85). In the week ended on August 27th the shares of the digital communication technology company added 0.21% to their market value compared to a week ago, which marked the second gain in the past six weeks. The stock has pared its loss to 2.01% so far during the current month, following a 3.68% slump in July. The latter has been a second consecutive monthly drop and also the sharpest one since April. For the entire past year, the shares of the NASDAQ-listed company rose 30.45%. The stock has retreated 20.06% so far in 2017.

Under the partnership, Qualcomm’s Spectra tech and computer vision architecture is to be combined with the wafer optics, sensor and driver technologies provided by Himax.

The combined effort is expected to generate computer vision capabilities, including face authentication and scene perception, which could be applied to industries such as virtual reality, automotive among others.

Qualcomm also reportedly joined the IoT Cybersecurity Alliance, where companies such as Palo Alto Networks, Symantec and IBM are members as well.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Qualcomm Incorporated’s stock price, have a median target of $60.00, with a high estimate of $70.00 and a low estimate of $52.00. The median estimate is a 15.12% surge compared to the closing price of $52.12 on August 30th.

The same media also reported that 16 out of 28 surveyed investment analysts had rated Qualcomm Incorporated’s stock as “Hold”, while 11 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Qualcomm stock are presented as follows:

R1 – $52.17
R2 – $52.22
R3 (Range Resistance – Sell) – $52.28
R4 (Long Breakout) – $52.43
R5 (Breakout Target 1) – $52.62
R6 (Breakout Target 2) – $52.69

S1 – $52.07
S2 – $52.02
S3 (Range Support – Buy) – $51.96
S4 (Short Breakout) – $51.81
S5 (Breakout Target 1) – $51.62
S6 (Breakout Target 2) – $51.55

By using the traditional method of calculation, the weekly levels of importance for Qualcomm Incorporated (QCOM) are presented as follows:

Central Pivot Point – $52.13
R1 – $52.75
R2 – $53.48
R3 – $54.10
R4 – $54.73

S1 – $51.40
S2 – $50.78
S3 – $50.05
S4 – $49.33