On Monday, the Relative Strength (RS) Rating for Qualcomm (NASDAQ:QCOM) shares received a boost, rising from 67 to 77, which is a positive development for the company.
When searching for the finest stocks to purchase and keep an eye on, relative price strength is one indicator that should be monitored very thoroughly.
IBD’s proprietary rating assigns a number ranging from 1 (worst) to 99 (best) to indicate the direction of share price movement. The score provides a comparison of the price performance of a company during the most recent 52 weeks to that of all the other equities included in our database.
For more than 100 years of market history, it has been observed that the market’s most significant winners often begin their longest runs with an RS Rating of more than 80. Check whether Qualcomm can maintain its recent recovery and surpass that barrier.
Is It Time To Invest In Qualcomm Stock?
The share price of Qualcomm (NASDAQ:QCOM) has recently been trading lower than its 200-day moving average. Check whether the chipmaker stock can build and break out of a suitable base. Right now, the stock is not near where it would be appropriate to enter the market. Read “Are You Looking For The Next Big Winners On The Stock Market? To Get Started, Follow These 3 Steps “for additional advice.
In its most recent report, the semiconductor business said it had seen a boost in profits of 54%. There was a 36% rise in revenue.
When compared to its competitors in the Electronics-Semiconductor Fabless business category, Qualcomm (NASDAQ:QCOM) stock now occupies the No. 3 spot. In addition, the stocks of Lattice Semiconductor (NASDAQ:LSCC) and Broadcom (NASDAQ:AVGO) are also considered among the group’s best.
The semiconductor stock (NASDAQ:QCOM) is valued at $150.51 and has gained more than 5% in the past month. The current market cap of the company is $165.16 billion.
Due to the current economic situation, the supply chain for semiconductors is disrupted at the moment. The demand for semiconductors is increasing while the supply is decreasing. As a result, the prices of semiconductors have significantly increased.
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Author Shariq Khan 
