Qualcomm shares gain for a second session in a row on Thursday, company files a lawsuit against Apple over contract breach

Qualcomm was reported to have filed a lawsuit against Apple in the California state court in San Diego on November 1st. According to allegations, Apple Inc violated a software license contract by providing benefits to Qualcomms rival, Intel, related to broadband modem production. Broadband modem chips, manufactured by Intel, have already been introduced in Apples iPhone 7.

The shares of Qualcomm Incorporated closed higher for a second consecutive trading session on Thursday. The stock went up 2.58% ($1.38) to $54.84, after touching an intraday high at $55.67, or a price level not seen since July 19th ($56.94).

In the week ended on October 29th the shares of the digital communication technology company added 4.90% to their market value compared to a week ago, which marked the best performance since the week ended on September 17th.

The stock has extended its advance to 7.51% so far during the current month, following a 1.60% slump in October. The latter has been a fifth consecutive month of losses.

For the entire past year, the shares of the NASDAQ-listed company rose 30.45%. However, the stock has retreated 15.89% so far in 2017.

In the lawsuit, Qualcomm accused Apple of using its commercial leverage in order to receive unprecedented access to Qualcomms highly confidential software.

Reuters reminded that Apple was to discontinue using chips by Qualcomm in iPhones and iPads from 2018.

According to CNN Money, the 21 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 $50.00. The median estimate is a 9.41% surge compared to the closing price of $54.84 on November 2nd.

The same media also reported that 14 out of 26 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 – $55.01
R2 – $55.17
R3 (Range Resistance – Sell) – $55.34
R4 (Long Breakout) – $55.84
R5 (Breakout Target 1) – $56.42
R6 (Breakout Target 2) – $56.68

S1 – $54.67
S2 – $54.51
S3 (Range Support – Buy) – $54.34
S4 (Short Breakout) – $53.84
S5 (Breakout Target 1) – $53.26
S6 (Breakout Target 2) – $53.00

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

Central Pivot Point – $53.80
R1 – $55.47
R2 – $56.37
R3 – $58.04
R4 – $59.71

S1 – $52.90
S2 – $51.23
S3 – $50.33
S4 – $49.43