QCOM Trade on Jul 17, 2019 09:45 from Cklamb: Tradervue User Stock Trades.

QCOM
Intraday Fundamentals
• QUALCOMM Incorporated (NASDAQ:QCOM) shares rose 5.3% to $79.70 in pre-market trading after a court filing reportedly showed the US Department of Justice has asked for a Federal Appeals Court to pause the imposition of antitrust ruling against the company.
This does put off any litigation costs that may be incurred during a prolonged court battle. This lifts some investor uncertainty in the short term if the there is a reall need to change or adjust the business model to adhere to the extra regulation. It should also be a positive for the next couple of EPS reports as the expenses will not be realized.
Reading the Tape
Technicals

The price action in late April broke this stock out of a long term range clearly visible on the weekly. The daily is hwoing that all major gaps have been filled and it looks to setting a new range between 75 and 80 with almost a month of action above that up to the 52 week high.
hourly
The hourly shows that this stock has respected the 75 to 80 range with only a few regular hours trading below that. There has also been some buying heading into the last couple of days partially attributed to the strength of the market late last week and this past Monday. This should set this up for some early profit taking.
Premarket

77.50, 78.50,79.50 and 80.23 are all PM levels that have some resistance or later acted as support
Major support areas are 77 and 78 and 79 if it opens above that. Consider 77and 78 s1 and s2
Resistance at 80.00 80.23 80.76 81.50
Trade Management

Notes
• This need to be playbooked
• Scalp at support
• Risk well defined in trade set up like this
• Time to watch some tape at the test and a bit after
• Long wick test of that support further helped define the risk
• Stop management was rushed…I did not give this any room to continue the move
• Not a lot left on the table but about .13c if I would have waited for the stop move at the next candle