Qualcomm's stock (QXOM) declined in the intraday levels, while trading alongside the downward correctional short-term trend, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels, ending the session with a 0.40% loss, or 53 cents, and settling at 131.77, with trading volumes surpassing 10.7 million shares, below the 10-day average of 11.3 million shares.

The Diego, California based, semiconductor and communications equipment company, is launching fresh products focused on CDMA devices used in digital wireless communication.

Therefore we expect more losses for the stock, targeting the pivotal support of 123.68, provided the resistance of 138.85 holds on.

Expected trend for today: Bearish